- Munich Re announces profit target of E2.8bn for 2021-profit outlook of E1.2bn for 2020
- Allianz agrees to purchase Westpac’s General Insurance business
- AXA hosts virtual Investor Day
- AXA to sell its insurance operations in the Gulf region
- Insurance Europe responds to a consultation conducted by EIOPA on its draft supervisory statement on the use of reinsurance risk mitigation techniques(RMT)
- UK insurance industry facing huge challenge to decide what COVID-19 refunds to make ahead of tomorrow's FCA deadline
- InsurTech ecosystem experiencing record-breaking fundraising levels says research expired
- EIS introduces Usage-Based Insurance solution that unifies personal and Commercial car use for continuous coverage expired
- Xceedance announces expansion of actuarial and analytics services for insurance organisations expired
- Aegon to sell Central and Eastern Europe business to Vienna Insurance GroupP(VIG) expired
- IPCC opens second draft of Working Group II Sixth Assessment Report for government and expert review expired
- Swiss Re gets regulatory nod to establish a standalone fund company to allow investors a new avenue to access the company's natural catastrophe business expired
18th November 2020
Convex Group raises $1bn additional capital
Convex Grou hasy announces that it has secured commitments for an additional $1bn of equity capital, subject to the requisite regulatory approvals.
Convex launched in April 2019 with $1.7bn of initial committed capital. The company currently has an A.M. Best rating of A- (Excellent) and an S & P rating of A- with stable outlook. This brings the total committed capital raised by Convex to over $2.7bn in just over 18 months.
The 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.
Stephen Catlin comments “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.”
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 Trends(2 articles)