Walkers acts for Onex in $1.8 billion Bermudian re/insurance start-up

Walkers is pleased to have acted for Onex Corporation (“Onex”) in respect of Onex’s recent investment in Convex Group Limited (“Convex”), as well as associated fund and co-investment structuring matters. In dollar value of capital, Convex is the largest re/insurance start-up in the Bermuda market’s history and will be led by well-known insurance industry veteran, Stephen Catlin, with $1.8 billion of committed capital.

The invested capital comes from the Convex management team and Onex Partners V, an Onex managed fund, and a consortium of co-investors.

Convex will underwrite insurance and reinsurance in Bermuda and London and is expected to create at least 50 jobs in Bermuda.

The Walkers team that advised on corporate, fund structuring and co-investment aspects of the deal was led by Caroline Williams (Partner) in the Cayman Islands and Jonathan Betts (Partner) in Bermuda and included Bicrom Das (Senior Counsel), Matthew Bernardo (Associate), Jennifer Sangaroonthong (Associate) and Rachel Nightingale (Associate).