Convex Group has secured commitments for an additional $1 billion of equity capital, subject to the requisite regulatory approvals.
Convex launched in April 2019 with $1.7bn of initial committed capital, and with the new capital injection has total committed capital of $2.7 billion, raised in just over 18 months.
The initial capital was raised from the Convex management team, Onex Partners V - Onex Corporation’s large-cap private equity fund - and a consortium of co-investors. The additional capital came from the same investor group, as well as additional new Onex co-investors.
Stephen Catlin, chairman and chief executive officer at Convex, said the new capital will help the re/insurer to take full advantage of the hardening market. “Onex and our existing investor base has provided us with tremendous support in building the business and we welcome our new investor partners,” he added.
Paul Brand, the deputy chief executive, added: “In 18 months, Convex has become a 300 people strong insurer and reinsurer with a significant presence in Bermuda and London. We launched Convex with a singular vision, to create a world class company for the 2020’s which was legacy free, technologically proficient and well-endowed with capital to provide a safe haven for our customers. We are well on the way to achieving that vision.”
Convex currently has an AM Best rating of A- (excellent) and an S & P rating of A- with stable outlook. It was advised by Evercore, JP Morgan and Slaughter and May.