Global specialty (re)insurer Convex Group has secured commitments for an additional $1bn of equity capital, taking the total raised to over $2.7bn in just over 18 months since its launch in April 2019.
Initial committed capital was raised from its management team, Onex Partners V, Onex Corporation’s large-cap private equity fund, and a group of co-investors.
The additional capital has been raised by the same investor group as well as additional new Onex co-investors.
Stephen Catlin, chairman and CEO said: “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.”
Paul Brand, deputy CEO 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.”