Convex Group Ltd. announced that Convex Insurance UK Ltd. (CIL) and Convex Reinsurance Ltd. (CRL) have received approval from the National Association of Insurance Commissioners and the California Department of Insurance to operate as a reciprocal jurisdiction reinsurer, effective from Jan. 1, 2022.
This reciprocal jurisdiction status will allow CIL and CRL to write reinsurance business in the U.S., without the requirement to post reinsurance collateral, via a passporting arrangement with other U.S. states. These two entities are the first in the global re/insurance market to be granted reciprocal jurisdiction reinsurer status by California and the NAIC.
