Convex Group Limited has announced that it has secured commitments for an additional $1.0bn of equity capital, subject to the requisite regulatory approvals.
Convex launched in April 2019 with $1.7bn of initial committed capital.
The Company currently has an A.M. Best rating of A- (Excellent) and an S & P rating of A- with stable outlook. 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.
Stephen Catlin 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 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.”