Partnering with an EU entity is one of several ways by which a UK insurer or broker can continue to trade on the continent after Brexit
International speciality insurer and reinsurer Convex Group has struck a deal with French underwriter SCOR which will allow it to continue to access markets in the European Union after Brexit.
In a statement, Convex said it had ”entered into a strategic relationship with SCOR Europe SE, a specialty insurance risk carrier established in France, in order to ensure, in most instances, that we can continue to support our clients with exposures inside the EEA [European Economic Area]”.
The firm is also working to ensure it has ”a fully regulated insurance solution in place within the EEA for us to write business for the long term”, th statement added.
”This has a number of moving parts and is something we want to make sure is totally robust for all of our clients with EEA coverage needs and we will have this in place during 2021. As soon as we have further news on this we will let you know,” Convex said.
Convex - which was set up last year by insurance veterans Stephen Catlin and Paul Brand - currently operates in the UK and Bermuda.
In November the startup announced it had raised an additional $1bn (£750m) in equity capital, a total of $2.7bn since its launch via the Convex management team, Onex Partners V, Onex Corporation’s private equity fund and a consortium of co-investors.