15 January 2021News

Convex raises another $500m from Sixth Street

Convex Group has secured $500 million in committed preferred equity capital from affiliates of Sixth Street, a global investment firm.

The investment follows Convex’s recent $1 billion capital raise from a consortium led by Onex and GIC, in which Sixth Street also participated. Sixth Street’s investment brings Convex’s total committed capital to over $3.2 billion.

Sixth Street is an active global investor with over $50 billion in assets under management that invests in re/insurance businesses through its $24 billion Sixth Street TAO platform.

Convex launched with $1.7 billion of committed capital in April 2019. It underwrites re/insurance across numerous business lines, including aerospace, casualty, energy, marine and property.

Stephen Catlin, chief executive officer at Convex, said: “This significant additional capital provides us with greater flexibility as we continue our recent momentum in growing our business.”

Michael Muscolino, co-founder and partner of Sixth Street, highlighted Convex’s “exceptional track record and disciplined team of underwriters,” calling it “uniquely positioned to pursue opportunities made available by a hardening market.”