International speciality insurer and reinsurer Convex has secured commitments for an additional $1 billion of equity capital.
Convex has now raised $2.7 billion in the 18 months since its launch.
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.
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,” said chairman and Chief Executive Officer Stephen Catlin.
“We are delighted to have additional capital as this will enable us to take full advantage of the hardening market.”
Commenting on the announcement, Deputy CEO 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.”
Convex was advised by Evercore, JP Morgan and Slaughter and May.