Global investment house Sixth Street has invested $500m of preferred equity capital in specialty insurer and reinsurer Convex Group.
The deal follows the recent $1bn investment in Convex from aconsortium led by Onex and GIC, in which Sixth Street also participated.
Sixth Street’s new investment brings Convex’s total committed capital to more than $3.2bn.
Convex underwrites insurance and reinsurance across business lines including aerospace, casualty, energy, marine and property.
A Michael Muscolino, co-founder and partner of Sixth Street, said, “With an exceptional track record and disciplined team of underwriters, Convex is uniquely positioned to pursue opportunities made available by a hardening market.
“Our cross-border financials investing franchise is pleased to be supporting Convex management alongside their impressive existing institutional investor base, and we look forward to our long-term partnership.”
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