Stephen Catlin's Convex hits $3.2bn capital raise with new funding

Stephen Catlin and Paul Brand's specialty re/insurer Convex Group has secured an additional $500 million backing from US investment firm Sixth Street, taking the carrier's total committed capital to over $3.2 billion.

The investment follows Convex’s recent $1 billion capital raise from a consortium led by Onex and GIC, in which Sixth Street also participated.

Convex launched in April 2019 with $1.7 billion of committed capital.

Sixth Street is an active global investor in insurance and reinsurance businesses; the firm has over $50 billion in assets under management.

Catlin, CEO of Convex, 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, said: "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."