Bermudian-based Convex Group’s net loss narrowed from $179 million to $158 million in fiscal year 2021 as its gross written premiums nearly doubled, the international specialty re/insurer said.

Convex said gross written premium increased by 93 per cent year over year to $2.115 billion while net premium earned was $1.042 billion, an increase of 178 per cent over the prior year.

Convex reported an improved net combined ratio of 118 per cent following 2020’s 173 per cent.

Stephen Catlin, chairman and CEO of Convex, said: “I’m immensely proud of the strides we have made in a short period and these results signify another year of underwriting excellence and are indicative of our established market position.

“The ultimate number reflects our continued and strategic investment in Convex’s growth. 2021 saw our numbers grow from 300 team members to over 400, as well as the establishment of Convex Europe SA, through which we are providing our European clients with high-quality solutions.

“The launch of our MGU, Convex North America, is yet another positive development. Working alongside the London and Bermuda teams, the MGU will provide access to the burgeoning US excess & surplus lines market not accessible via the London market.

“Convex has had a strong start to the 2022 year with Q1 reporting GWP of $971 million, and a net premium earned of $389 million and a combined ratio of 91.3 per cent. We expect to exceed $3 billion of GWP in 2022.”

Paul Brand, deputy CEO, said: “Uncertainty surrounding the war and humanitarian crisis in Ukraine remains and the Ukrainian people have our thoughts and wholehearted support. From an underwriting perspective, there is obviously a potential exposure that we are monitoring.”