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Convex subsidiaries keep AM Best A ratings with stable outlook

Convex subsidiaries keep AM Best A ratings with stable outlook
Convex keeps AM Best A

Convex Group’s main insurance and reinsurance subsidiaries continue to hold unchanged AM Best ratings as the group expands its international underwriting platform. The stable outlook reflects very strong balance sheet strength and continued expectations that catastrophe risk exposure remains manageable within the group’s capital and reinsurance structure.

Highlights

  • AM Best affirms A (Excellent) Financial Strength Ratings and stable outlooks for Convex Re Limited, Convex Insurance UK Limited, Convex Europe S.A., and Convex Guernsey Limited.
  • Convex’s consolidated balance sheet strength remains very strong, with risk-adjusted capitalisation at the strongest level under Best’s Capital Adequacy Ratio and solid liquidity.
  • Convex issued USD 600 million subordinated debt slated for Q1 2026, with adjusted leverage expected to rise but remain below 10%.

Rating affirmation and capital position

As reported by AM Best, the agency affirms the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a” (Excellent) for Convex Re Limited in Bermuda, Convex Insurance UK Limited in the UK, Convex Europe S.A. in Luxembourg and Convex Guernsey Limited in Guernsey. All four businesses are wholly owned subsidiaries of Bermuda-based Convex Group Limited, and all ratings carry a stable outlook.

AM Best says the assessment reflects Convex’s very strong consolidated balance sheet strength, adequate operating performance, neutral business profile and appropriate enterprise risk management. The agency also cites the strategic importance of Convex Re Limited, Convex Insurance UK Limited and Convex Europe S.A. to the wider group, while Convex Guernsey Limited’s ratings also depend on significant reinsurance support from Convex Re Limited.

According to the agency, Convex’s risk-adjusted capitalisation remains at the strongest level under Best’s Capital Adequacy Ratio. The balance sheet is also supported by good liquidity and financial flexibility, including multiple capital raises in recent years and a USD 600 million subordinated debt issue in the first quarter of 2026. AM Best says adjusted leverage is expected to rise after that issuance but remain below 10%.

Our earlier coverage of Hermitage 2026 plc’s UK equipment finance securitisation described how provisional ratings were assigned across multiple note classes ahead of issuance. We highlighted that the deal is backed by Haydock Finance Limited’s hire purchase and finance lease receivables and includes a 12-month revolving period, illustrating how structured finance uses tranche ratings and credit enhancement to position risk for investors.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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