Category: Historical figures · Reviewed by Mark Fox, Broker · Renewals · Last reviewed 2026-06-05
Stephen John Olaf Catlin is the founder of Catlin Underwriting Agencies, established at Lloyd’s of London in 1984, which grew into Catlin Group Limited, a Bermuda-headquartered specialty insurance and reinsurance group acquired by XL Group plc in 2015 for approximately $4.1 billion and subsequently absorbed into AXA XL.
Category: Historical figures Also known as: Stephen Catlin, Steve Catlin Dates: Born 1954 Principal role: Founder, Catlin Group; Executive Deputy Chairman, XL Catlin 2015-2018; founder and Executive Chairman, Convex Group 2019- Related concepts: Lloyd’s of London, Bermuda insurance market
Stephen Catlin began his career at the Bankside Underwriting Agency in 1973 and qualified as a Lloyd’s underwriter. In 1984 he founded Catlin Underwriting Agencies, which became Catlin Syndicate 2003 at Lloyd’s. Through the 1990s and 2000s he expanded the business with operations in Bermuda, the United States, continental Europe and Asia. Catlin Group Limited was listed on the London Stock Exchange in 2004 and entered the FTSE 250.
In May 2015 Catlin Group was acquired by XL Group plc for approximately $4.1 billion, forming XL Catlin. Stephen Catlin served as Executive Deputy Chairman of XL Catlin until the AXA acquisition of XL Group in 2018. In 2019 he co-founded Convex Group with Paul Brand, raising approximately $1.7 billion of capital — one of the largest start-up specialty insurer launches in market history.
Catlin is widely regarded as one of the most successful underwriting entrepreneurs of his generation. The Catlin model — disciplined specialty underwriting across the Lloyd’s, US and Bermudian platforms; investment in technology and data; and a culture of underwriting professionalism — has been imitated by many subsequent Lloyd’s start-ups. His successive building of Catlin Group and Convex, separated by acquisitions of the prior business, is unusual in modern insurance for the consistency of strategy across vehicles.
He has been an active participant in market reform initiatives, serving on the Lloyd’s Franchise Board (2003-2008) and on industry working groups on contract certainty, claims, and modernisation.
Catlin’s principal business legacies are the syndicate 2003 (now AXA XL Syndicate 2003) and Convex Insurance UK Limited. Convex’s authorisation by the PRA in November 2019 and by Lloyd’s (Syndicate 1856) in 2020 represented a vote of confidence in the Catlin business model by the London market regulator and rating agencies.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-05. Next review: 2026-12-05.
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