Co-founder Paul Brand steps down to make way for two internal promotions
International speciality insurer and reinsurer Convex Group has appointed two new chief executives in Bermuda and London, subject to regulatory and immigration approvals, as co-founder Paul Brand steps down from the top spots at Convex Re and Convex Insurance UK.
Theo Butt will take up the helm as chief executive of London-based Convex Insurance UK, while Matt Paskin will assume leadership of Convex Re, acting as the firm’s chief executive in Bermuda.
Both positions were previously held by co-founder and group deputy chief executive Paul Brand, who will remain on the board of Convex, Convex Re and Convex Insurance UK.
Brand established the group with fellow co-founder Stephen Catlin.
Butt, who has more than 20 years of experience in the London Market, initially joined Convex as a consultant in April 2020 to assist with a number of special projects within the business.
Prior to this, he was the chief executive of Neon Underwriting as well as the head of non-marine at Ascot, where he spent 12 years fulfilling a variety of roles. Butt has also worked at Marsh and JLT.
Paskin, on the other hand, has been group chief underwriting officer of reinsurance since Convex was launched in May 2019 – he will retain this role.
Previously, he acted as chief underwriting officer at XL Catlin Re as well as held positions at the EF Williams Syndicate. Paskin has more than 35 years of industry experience.
‘Insurance company of the future’
Speaking on the appointments, Brand said: “We launched Convex to be the insurance company of the future; an innovative insurance partner that challenges the status quo by putting fairness and honesty at the centre of our singularly client-focused proposition. Our success in achieving this is dependent on the people we work with and we are lucky to have exceptional individuals such as Matt and Theo leading the teams in Bermuda and London.
“Matt is a highly respected member of the Convex team and has played a key role in our formation and development to date. His experience and understanding of the market make him the natural candidate to take on the role of [chief executive] of our Bermuda operations.
“Theo is well regarded in the London Market and embodies the ethos and values that Convex is built on. He has made a great contribution to the company since he joined in April and has the skillset, expertise and understanding to lead Convex’s London operations.
“It’s an exciting time for Convex and I look forward to continue working with Theo and Matt in their new roles as we continue to grow the business.”