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Home / Insurance / Convex Group raises another $ 500 million

Convex Group raises another $ 500 million



Convex Group Ltd., a specialist insurance and reinsurance company in London and Bermuda, formed by former Lloyd & # 39 ;s London insurers Stephen Catlin and Paul Brand, has raised an additional $ 500 million in capital from an investment firm.

Convex said in a statement on Thursday with Sixth Street Partners LLC that it has secured $ 500 million in committed capital from subsidiaries of the San Francisco-based company. flexibility as we continue our latest drive to grow our business.

Convex was founded in 2019 with $ 1.7 billion in initial capital to take out insurance and reinsurance for complex special risks. Its start-up capital was raised from the convex management team, from Onex V, Toronto-based Onex Corp.'s large private equity fund and a consortium of co-investors.

In November, it announced that it had secured commitments. for an additional $ 1

billion in share capital and that the additional capital was raised from the same investor group as well as additional new Onex co-investors. which launched a global health risk facility in December to cover the distribution of COVID-19 vaccines, after securing a $ 26.7 million loan from the US International Development Finance Corp.

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