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Convex Group Ltd., a London and Bermuda-based specialty insurer and reinsurer formed by former Lloyd’s of London underwriter Stephen Catlin and Paul Brand, has raised an additional $500 million in capital from an investment firm.
Convex said in a statement Thursday with Sixth Street Partners LLC that it has secured $500 million in committed preferred capital from affiliates of the San Francisco-based firm.
Convex chairman and CEO Mr. Catlin said in a statement the additional capital “provides us with greater flexibility as we continue our recent momentum in growing our business.”
Convex was founded in 2019 with $1.7 billion of initial committed capital to underwrite insurance and reinsurance for complex specialty risks. Its initial capital was raised from the Convex management team, from Onex V, Toronto-based Onex Corp.’s large-cap private equity fund, and a consortium of co-investors.
In November, it announced it had secured commitments for an additional $1 billion of equity capital, and that the additional capital was raised from the same investor group as well as additional new Onex co-investors.
Convex is among the reinsurers backing Lloyd’s of London and technology company Parsyl Inc., 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 U.S. International Development Finance Corp.