All amounts in U.S. dollars unless otherwise stated
Onex Partners announced 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.
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