Stephen Catlin's Convex raises $1bn in fresh equity capital

Stephen Catlin and Paul Brand's specialty re/insurer Convex Group has secured an additional $1 billion of equity capital, taking the total committed capital raised to over $2.7 billion in the 18 months  since its launch.

Convex launched in April 2019 with $1.7 billion of initial committed capital raised from its management team, Onex Partners V, Onex Corporation’s large-cap private equity fund, and a consortium of co-investors.

The additional capital has been raised by the same investor group as well as additional new Onex co-investors.

Catlin said: “Onex and our existing investor base has provided us with tremendous support in building the business and we welcome our new investor partners. We are delighted to have additional capital as this will enable us to take full advantage of the hardening market.”

Brand commented: “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.”