Onex Acquires Convex Group: A Strategic Move in Insurance

Onex Corporation has completed its acquisition of Convex Group Limited, a pivotal entity in the specialty property and casualty insurance and reinsurance market, in a strategic partnership with American International Group, Inc. (AIG). The $7 billion transaction positions Onex and AIG with 63% and 35% ownership, respectively, while Convex's management retains the remainder. Onex CEO Bobby Le Blanc emphasized Convex's contribution to enhancing Onex’s enterprise value, highlighting the integration of Convex's advanced technology and efficient operating model for potential growth in profit margins.

With Convex serving as a core platform for Onex, alongside its Private Equity and Credit divisions, the corporation anticipates improved net income and cash flow, aligning with its capital-light strategy. This approach aims to deliver strong, risk-adjusted returns and focuses on investments in entities like Convex to enhance transparency in performance measurement and compliance with industry regulatory requirements.

AIG's commitment to investing $2 billion into Onex’s private equity and credit ventures over the next three years underscores a collaborative effort to maximize shareholder value. Onex will provide further insights, including Convex's financial performance for 2025, in its upcoming quarterly report on February 20, 2026, and will address any regulatory compliance related to the "related party transaction" under Canada’s MI 61-101, utilizing exemptions based on transaction size relative to Onex’s market capitalization.

Managing roughly $57.2 billion in assets, Onex extends its global investment reach through this strategic acquisition. The firm's ability to manage capital for a diverse clientele, such as pension plans, sovereign wealth funds, and family offices, highlights its robust risk management and underwriting capabilities in the insurance industry.