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Convex secures further $500mn, bringing total raised to $3.2bn

14th January 2021 - Author: Charlie Wood

International speciality re/insurer Convex has secured $500 million in committed preferred equity capital from affiliates of global investment firm Sixth Street.

convex-logoThe company wrapped up 2020 with the raising of $1 billion, a move which brought the total amount raised in the 18 months since its launch to $2.7 billion.

It was later revealed that Singaporean wealth fund GIC was among that crop of Convex investors.

With this latest investment, Convex’s total committed capital has reached over $3.2 billion.

Sixth Street is a global investment firm with over $50 billion in assets under management and also participated Convex’s previous capital raising efforts.

Commenting on the announcement, Convex Chief Executive Officer Stephen Catlin, said, “We are pleased to be partnering with the Sixth Street team to strengthen our position even further in today’s cyclically advantageous market environment.

“This significant additional capital provides us with greater flexibility as we continue our recent momentum in growing our business.”

A. Michael Muscolino, Co-Founder and Partner of Sixth Street, added, “With an exceptional track record and disciplined team of underwriters, Convex is uniquely positioned to pursue opportunities made available by a hardening market.

“Our cross-border financials investing franchise is pleased to be supporting Convex management alongside their impressive existing institutional investor base, and we look forward to our long-term partnership.

JP Morgan and Evercore acted as financial advisors and Slaughter and May and Appleby acted as legal advisors to Convex.

Goldman Sachs acted as financial advisor and Willkie Farr & Gallagher LLP and Conyers acted as legal advisors to Sixth Street.

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