Specialty insurer and reinsurer, Convex Group Limited, has received US$500 million (£368 million) in committed preferred equity capital from affiliates of global investment firm Sixth Street, bringing its total committed capital to over US$3.2 billion.

Sixth Street is a global investment firm with over US$50 billion in assets under management. It is an active global investor in insurance and reinsurance businesses through its US$24 billion Sixth Street TAO platform. Its recent investment follows Convex's recent US$1 billion capital raise from a consortium led by Onex and GIC.

Stephen Catlin, the chief executive officer of Convex, said the investment provides the insurer with greater flexibility as it continues its recent momentum in growing the business.

“We are pleased to be partnering with the Sixth Street team to strengthen our position even further in today's cyclically advantageous market environment,” Catlin said.

A. Michael Muscolino, the co-founder and partner of Sixth Street, commented: “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.”