Specialty re/insurer Convex Group has received in principle approval to launch Lloyd’s syndicate 1987. The carrier aims to begin underwriting on 1st July, subject to securing the requisite regulatory approvals. Syndicate 1987 will focus on long-tail specialty lines and aims to build its portfolio across the casualty re/insurance and political risk and trade credit sectors.

Convex has confirmed that Asta will act as managing agent for the new syndicate and that it has appointed Allison Hollern, head of financial institutions at Convex, as active underwriter. Her appointment is subject to regulatory approval.

Paul Brand, CEO, Convex Group, said: "The introduction of Syndicate 1987 strategically complements Convex’s inaugural vehicle, Syndicate 1984, which will remain dedicated to the whole account reinsurance of Convex, whilst streamlining to provide international capacity for direct short-tail risks.

“This dual syndicate structure will provide a comprehensive footprint for international business, ensuring Convex is well positioned to meet the growing demands of its clients and brokers by delivering sustainable, accretive capacity across the entire spectrum of specialty lines."

Lorraine Harfitt, CEO at Asta, added: “We look forward to assisting in expanding Convex’s market offering and to strengthen the relationship Asta and Convex share, working closely with Allison and her team.”

Convex was founded in 2019 by Stephen Catlin and Paul Brand.