Convex Insurance is continuing to expand in the marine market by reportedly lining up James May, head of hull, yacht and liability at insurer Chubb, as its latest recruit.

The move was reported in specialist publication Insurance Insider. Convex declined to comment.

Since Convex was formed by Stephen Catlin and business partner Paul Brand in 2019, Convex has built up a marine team of 10 led by head of marine John Potter.

The marine sector fits in with its business plan to focus on speciality sectors with potential for rate improvement.

Its marine business now covers the hull and machinery, marine liability and cargo markets, where it has a strong focus on using digital tools and focussing on specialist projects. The unit also covers specie, or insurance in high-value, portable goods.

Insurance brokers said the company is one of number of new players in the marine sector that have a growing market presence. Another is Navium, launched by former Beazley head of marine Clive Washbourne last year.

Convex demonstrated strong growth last year. It reported that premium rose 93% to $2.12bn in 2021, but it delivered a net loss of $158m.

The company has successfully raised a further $1.5bn in capital from investors this year, bringing its total committed capital to $3.2bn.

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Ratings agency AM Best gave the company an A- Excellent financial strength rating with positive outlook.

AM Best said that it expected “Convex’s underwriting portfolio will continue to grow and diversify in a profitable manner as the group develops its operations”.