Convex Re Limited Enters Florida as Surplus Lines Insurer — Now Backed by AIG

Convex Re Limited Enters Florida as Surplus Lines Insurer — Now Backed by AIG

On February 1, 2026, the Florida Office of Insurance Regulation approved Convex Re Limited as a surplus lines insurer. Convex Re is a Bermuda-based specialty reinsurer with a compelling origin story, significant financial muscle, and — as of February 2026 — the backing of American International Group (AIG), one of the world's largest insurance organizations.

The Founding Story

Convex Re was founded in 2019 by Stephen Catlin, a legend in the London and Bermuda insurance markets. Catlin previously founded and led Catlin Group, which was acquired by XL Group in 2015, and later served as executive chairman of Hiscox. When Catlin launched Convex, he brought decades of underwriting expertise and a focused vision: build a specialty (re)insurer that excels at pricing and managing complex, hard-to-place risks that other carriers avoid.

Within just six years of founding, Convex grew to write $2.5 billion in gross written premiums — a remarkable trajectory that reflects both market demand for specialty capacity and Catlin's industry reputation. The company operates from Bermuda and London, employing approximately 400 professionals with deep expertise in specialty lines.

The AIG Acquisition

In February 2026, AIG completed the acquisition of a significant ownership stake in Convex. This transaction pairs Convex's specialty underwriting talent with AIG's global distribution, balance sheet, and brand recognition. For Convex, AIG's backing provides enhanced financial security and access to a worldwide network of clients and brokers. For AIG, Convex adds best-in-class specialty underwriting capabilities to complement their existing operations.

The combined entity positions Convex as one of the most formidable specialty (re)insurers in the global market — particularly for complex and catastrophe-exposed risks.

What Surplus Lines Means

Convex Re's Florida approval is for surplus lines operations — an important distinction from admitted carrier status. Surplus lines insurers are authorized to write coverage for risks that the admitted (standard) market cannot or will not cover. This includes:

• High-value or unusual properties: Coastal mansions, historic buildings, unique construction
• Complex commercial risks: Large real estate portfolios, energy infrastructure, marine operations
• Catastrophe-exposed risks: Properties in hurricane zones where admitted carriers have limited appetite
• Professional and specialty liability: D&O, E&O, cyber, and other specialized liability lines

Surplus lines policies are not backed by the Florida Insurance Guaranty Association (FIGA), meaning policyholders do not have the same insolvency protection as with admitted carriers. However, surplus lines insurers like Convex — particularly with AIG backing — typically carry substantial financial resources that mitigate this concern.

Florida Market Impact

Convex Re's entry into Florida brings additional capacity for risks that the standard market struggles to cover. In a state where admitted carriers have retrenched and Citizens Property Insurance has swelled to over a million policies, surplus lines capacity is essential for keeping complex and high-value properties insured.

Convex's specialty focus means they are unlikely to compete directly with standard homeowners carriers. Instead, they fill gaps — providing coverage for commercial properties, specialty risks, and high-value residential properties that need tailored solutions rather than off-the-shelf policies.

For Florida businesses and property owners with complex insurance needs, Convex Re's presence provides another option in what has been a constrained market. If you have questions about surplus lines coverage or need assistance with an insurance claim, Louis Law Group can help. Contact us for a free consultation.