Onex Partners Announces Sale of Convex to Onex Corporation and AIG

All amounts in U.S. dollars unless otherwise stated 

TORONTO, Oct. 30, 2025 (GLOBE NEWSWIRE) -- Onex Partners announced today an agreement by Onex Partners V (“OP V”), together with other founding institutional equity partners in Convex Group Limited (“Convex”), to sell Convex to Onex Corporation (“Onex”) and American International Group, Inc. (“AIG”) for $7 billion.

Stephen Catlin, Paul Brand and the Convex management team founded Convex in 2019 as a de novo insurer in partnership with OP V as well as several independent direct investment partners and co-investors.

Since its founding, Convex has rapidly grown into a major specialty property and casualty (re)insurer with up to $6 billion of gross premium written expected in 2025, 25% compound annual growth in gross premium written over the last three years, and an 18% average return on equity over the past three years. The Convex management team will retain a significant economic interest in the business, ensuring strong ongoing alignment with Onex and AIG.

The sale of Convex adds to Onex Partners’ long and successful history of investing across the entire property & casualty insurance value chain, particularly in founder-led businesses.

“Watching Stephen, Paul and the entire Convex team create this much operational scale and value from a standing start six years ago has been remarkable. We’re grateful for their partnership and for delivering such a terrific outcome for OP V and our partners,” said Adam Cobourn, a Managing Director at Onex Partners.

Combined with the previously announced partial sales of WestJet and OneDigital earlier this year, the sale of Convex builds on OP V’s record of returning capital to investors, at its targeted pace and at values in line with or above those reported to its investors.   

The transaction is expected to close in the first half of 2026, subject to customary closing conditions.

Kirkland & Ellis provided legal advice to OP V. Certain other investors in Convex were advised by UBS Investment Bank as financial advisor and each of Weil, Gotshal & Manges LLP and Sidley Austin LLP represented an institutional investor in Convex.

About Onex Partners

Onex Partners is Onex’ upper middle market buyout strategy focused on control equity investments in North America and Europe in specific industry verticals in which it enjoys longstanding networks and informational advantages. Onex Partners has invested over $20 billion across six funds and, to date, has acquired over 50 operating company platforms and completed more than 560 add-on acquisitions, while offering approximately $6 billion of co-investment capital across 22 co-investment opportunities since inception.

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex’ own investing capital.

With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex is listed on the Toronto Stock Exchange under the symbol (TSX:ONEX).

For more information on Onex, visit its website at www.Onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.

Forward Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance, or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

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