Convex Acquired by Onex — Financial Services M&A

Onex Corporation has completed its previously announced acquisition of Convex Group Limited, a specialty property and casualty insurance and reinsurance provider based in New Jersey. The deal positions Convex as a core platform within Onex’s broader private equity and credit strategy. Onex acquired Convex in partnership with American International Group (AIG), with Onex and AIG holding approximately 63% and 35% of Convex, respectively, and the remainder owned by Convex management. The purchase price was $7 billion, with the transaction structured as a platform acquisition by the private equity firm.

The combination brings together Convex’s underwriting and technology capabilities with Onex’s capital allocation approach as it continues shifting its asset management platforms toward a more capital-light model. For Onex, the investment is intended to support recurring net income and free cash flow generation, while also expanding earnings growth through Convex’s specialty P&C and reinsurance focus. The strategic partnership with AIG adds an insurance industry co-investor aligned with specialty risk expertise and long-term value creation.

In connection with the acquisition, AIG subscribed for 7.5 million subordinate voting shares of Onex, representing about 9.9% of the class. AIG also committed $2 billion to Onex’s private equity and credit strategies over the next three years. The transaction is now closed, and Onex is expected to provide an update on Convex’s 2025 financial performance alongside its fourth-quarter 2025 results reporting schedule.