Specialty Re/Insurer Convex Group Raises $1B in Additional CapitalPage Visited: 4
Specialty insurer and reinsurer Convex Group Ltd. announced it has secured commitments for an additional $1.0 billion of equity capital, subject to the requisite regulatory approvals.
Bermuda-based Convex launched in April 2019 with $1.7 billion of initial committed capital. This brings the total committed capital raised by Convex to over $2.7bn in just over 18 months.
The initial capital was raised from the Convex management team, Onex Partners V, Onex Corporation’s (TSX: ONEX) large-cap private equity fund, and a consortium of co-investors. This additional capital has been raised by the same investor group as well as additional new Onex co-investors.
“Onex and our existing investor base has provided us with tremendous support in building the business and we welcome our new investor partners. We are delighted to have additional capital as this will enable us to take full advantage of the hardening market,” said Stephen Catlin, chairman, CEO and co-founder of Convex.
“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,” commented Paul Brand, co-founder and group deputy CEO.
The company currently has an A.M. Best rating of A- (Excellent) and an S&P rating of “A-” with stable outlook. Convex was advised by Evercore, JP Morgan and Slaughter and May.
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