Convex Group announced that its Bermuda-based reinsurance company, Convex Re Limited, has been added to the National Association of Insurance Commissioners (NAIC) Quarterly Listing of Alien Insurers, effective Oct. 1.
The listing grants Convex Re Limited the ability to write US excess and surplus lines business across the country.
“We are delighted to have been added to the NAIC listing," said Paul Simons (pictured above), CEO of Convex Re Bermuda. "This recognition enables us to expand our offering to include US surplus property lines, strengthening the service and solutions we provide to our clients.”
Simons also noted that the move allows the company to broaden its reach in the US market.
The NAIC serves as the standard-setting and regulatory support organization for insurance in the United States. It is governed by chief insurance regulators from all 50 states, the District of Columbia, and five US territories.
The organization coordinates regulatory oversight, establishes standards and best practices, and conducts peer reviews among state insurance regulators.
The addition of Convex Re Limited to the NAIC listing comes at a time when the US excess and surplus (E&S) lines market is experiencing significant growth.
According to recent industry research, the E&S sector continues to outpace the broader property and casualty industry in both revenue and profitability, with strong midyear results in 2025 and sustained growth over the past three and a half years. This momentum has been attributed to outsized revenue growth and rising profit margins across the sector.
The E&S market has also seen occurrence liability premiums grow by 17% in the first half of 2025, compared to 8% growth in admitted writings. This marks the seventh consecutive year of E&S liability premium growth of at least 12%, reflecting the sector’s ongoing expansion and the increasing role of non-admitted carriers in meeting market demand.
In 2025, umbrella and excess liability coverage in the E&S sector saw the largest rate increases, climbing 10% to 20%. Capacity remained constrained and underwriting terms became more restrictive, with factors such as nuclear verdicts and litigation funding driving up costs.
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