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 US$1.8 billion in Convex Group Ltd, a newly-launched, Bermuda-based property and casualty insurance company. About US$1.6 billion 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 US$750 million from Onex Partners V, which raised US$7.15 billion in 2017. Another US$780 million came from co‑investors, including Public Sector Pension Investment Board , a Canadian pension fund.

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