$1bn boost for Convex Group
Bermuda-based international specialty insurer and reinsurer Convex Group Ltd has secured commitments for an additional $1 billion of equity capital.
Convex, launched in April 2019 with $1.7 billion of initial committed capital, has now raised $2.7 billion in total committed capital in just over 18 months.
The company said 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.
Convex said the additional capital has been raised by the same investor group as well as additional new Onex co-investors.
Stephen Catlin, co-founder of the company with Paul Brand, said: “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: “We are delighted to have additional capital as this will enable us to take full advantage of the hardening market.”
Mr Brand said: “In 18 months, Convex has become a 300 people strong insurer and reinsurer with a significant presence in Bermuda and London.”
He added: “We launched Convex with a singular vision, to create a world class company for the 2020s 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 said the commitments are subject to the requisite regulatory approvals.
The company said it was advised by Evercore, JP Morgan and Slaughter and May.
Convex has offices on Church Street in Hamilton, and in London, United Kingdom.