Onex leads $1.8 bln investment in P&C insurer Convex

Canadian private equity firm Onex Corp and a group of co-investors have committed to invest $1.8 billion in Convex Group Ltd, a newly-launched, Bermuda-based property and casualty insurance company. About $1.6 billion of the commitment has been funded, Onex said. Led by insurance industry executives Stephen Catlin and Paul Brand, Convex will focus on underwriting complex specialty risks across a range of business lines. The funded investment includes $750 million from Onex Partners V, which raised $7.15 billion in 2017. Another $780 million came from co‑investors, including Public Sector Pension Investment Board (PSP Investments), a Canadian pension fund.

DealsNorth AmericaUSFinancial ServicesBriefs