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Announced

Onex, PSP and GIC to invest $1bn in Convex.

Financials

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Transaction Value£757m
Consideration TypeCash
Capital Owned-
Capital Bid For-
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Minority

Acquisition

Cross Border

Friendly

Property and Casualty Insurance

property & casualty insurance

insurance & reinsurance services

Bermuda

Private Equity

Pending

Private

Single Bidder

Synopsis

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Investment companies Onex, PSP and GIC agreed to invest $1bn in Convex, a specialty insurer and reinsurer, together with a consortium of existing and new co-investors. "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," Stephen Catlin, Convex CEO.

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