Few expected that Stephen Catlin and Paul Brand’s insurance and reinsurance venture — Convex — would have wanted to get involved in the marine market when it was first mooted at the start of this year.

At the time, the hull and machinery and cargo insurance markets were making faltering attempts to recover from recession. The trend was for companies to exit rather than enter the marine market.

But, more recently, after the company was officially launched, rate improvements appear to have tempted Catlin and Brand to take a gamble on marine in a bid to catch an upswing in the market.