Convex lands more than £750m in new funding

Convex Group has secured around £755m in new investment from a consortium led by existing supporter Onex Corporation and Singaporean wealth fund GIC.

The new funding adds to the £1.3bn raised in April 2019 to launch Convex. The initial capital was raised from the Convex management team, Onex Partners V, PSP Investments and a consortium of co-investors.

Bobby Le Blanc, president of Onex and head of Onex Partners, said: “Over the past eighteen months, the Convex management team has made significant progress in realizing our original investment thesis, having successfully executed on its recruiting plan, implemented key operational systems and processes, established strong relationships with brokers, and written over £755m in premiums. This momentum, coupled with the favourable P&C insurance market conditions, have further improved the risk-adjusted return opportunity and make us confident in the continued success of the business.”

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

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