Convex Group Limited has announced that it has secured commitments for an additional $1 billion in equity capital, subject to regulatory approval.
Convex launched in 2017 with $1.7 billion in initial capital. This brings the company’s total committed capital to more than $2.7 billion in just over 18 months. Convex currently has an A.M. Best rating of A- (excellent) and an S&P rating of A- with a stable outlook.
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 company said. The new capital was raised by the same investor group along with new Onex co-investors.
“Onex and our existing investor base have provided us with tremendous support in building the business, and we welcome our new investor partners,” said Convex co-founder Stephen Catlin. “We are delighted to have additional capital, as this will enable us to take full advantage of the hardening market.”
“In 18 months, Convex has become a 300-people-strong insurer and reinsurer with a significant presence in Bermuda and London,” said co-founder Paul Brand. “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 our way to achieving that vision.”