Convex Insurance has achieved its first profit since launch, reporting an annual net profit of $503.2 million in 2023.
Launching in 2019, the specialty insurer and reinsurer’s marketing has leaned heavily on unique sponsorships in a bid to establish relevancy in a highly competitive market.
Convex is planning to continue its “fun, engaging, and memorable activities” in 2024, said Ashley Stockwell, chief marketing officer at Convex.
“The Convex marketing team has worked extremely hard over the last 12 months to continue to build the Convex brand both internally and externally through a wide range of marketing activities.
“The biggest effort has been working with the whole of the wider Convex team to ensure we are all delivering a positively memorable service to our brokers and clients,” Stockwell told FP.
Its marketing activities – which include driving branded Limobikes across the City of London (pictured) and sponsoring a vessel to cross the Pacific Ocean – are designed to increase brand exposure and serve both internal and external growth.
Paul Brand, CEO of Convex Group, said: “We launched into a dislocated market in 2019, and the consistent hard work undertaken since then has further built our underwriting capabilities, market relevance, and resilience, allowing us to achieve further growth, whilst continuing to serve our client’s needs.”
The insurer’s profits are up from a net loss of $142.2 million in 2022.