Willkie Farr & Gallagher LLP
01/26/2026 | News release | Distributed by Public on 01/26/2026 11:58
Willkie Advises Convex Group on Inaugural $600 Million Regulation S Bond Offering (Tier II Regulatory Capital)
Willkie Advises Convex Group on Inaugural $600 Million Regulation S Bond Offering (Tier II Regulatory Capital)
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January 26, 2026
Willkie advised Convex Group Limited ("Convex Group"), a global specialty insurance and reinsurance group, in connection with its inaugural Tier 2 regulatory capital bond offering in the London Regulation S market. The offering consisted of $600 million in aggregate principal amount of 6.500% Fixed Rate Reset Callable Subordinated Notes due 2046 (the "Notes"), which were issued on January 21, 2026. The Notes were structured to receive Tier 2 solvency capital treatment under the Bermuda Monetary Authority's Group Supervision and Eligible Capital Rules.
The Notes are listed on the International Securities Market of the London Stock Exchange and were offered to institutional investors outside the United States in reliance on Regulation S under the Securities Act of 1933.
Convex Group intends to use the majority of the net proceeds from this offering to support its long-term capital structure and strategic independence, as well as to finance a share repurchase in connection with recent equity investments by Onex Corporation and American Insurance Group (AIG).
The Willkie team was led by partner Jennifer Tait and included associate Snaebjorn Olafsson and trainee solicitor Ellen Gribben in London. Partner Isaac Silverstein and counsel Catherine Harrington in New York provided U.S. tax advice. Partner Jane Scobie and associate Ashley Jamali in London provided U.K. tax advice. Partners Allison Tam and Andrew Tromans in New York and London and associate Melisa Khajaei in New York provided insurance regulatory advice and associates Rowan Khanna and Kari Prochaska in London supported on financial regulatory and data protection matters, respectively.
The Notes are listed on the International Securities Market of the London Stock Exchange and were offered to institutional investors outside the United States in reliance on Regulation S under the Securities Act of 1933.
Convex Group intends to use the majority of the net proceeds from this offering to support its long-term capital structure and strategic independence, as well as to finance a share repurchase in connection with recent equity investments by Onex Corporation and American Insurance Group (AIG).
The Willkie team was led by partner Jennifer Tait and included associate Snaebjorn Olafsson and trainee solicitor Ellen Gribben in London. Partner Isaac Silverstein and counsel Catherine Harrington in New York provided U.S. tax advice. Partner Jane Scobie and associate Ashley Jamali in London provided U.K. tax advice. Partners Allison Tam and Andrew Tromans in New York and London and associate Melisa Khajaei in New York provided insurance regulatory advice and associates Rowan Khanna and Kari Prochaska in London supported on financial regulatory and data protection matters, respectively.
Snaebjorn Olafsson Associate Corporate & Financial Services
London [email protected] +44 20 3580 4750
Ellen Gribben Trainee Solicitor Corporate & Financial Services
London [email protected] +44 20 3580 4877
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Willkie Farr & Gallagher LLP published this content on January 26, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on January 26, 2026 at 17:58 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]