Onex Partners Announces Sale of Convex to Onex Corporation and AIG

Executive Summary

• Onex Partners V, together with other founding institutional equity partners, agreed to sell Convex Group Limited to Onex Corporation and AIG for $7 billion.
• The transaction is expected to close in the first half of 2026, subject to customary closing conditions.
• Convex’s management team will retain a significant economic interest, aligning their incentives with the new owners.

Key Details

• Transaction Value: $7 billion cash consideration.
• Parties Involved:
• Seller: Onex Partners V (OP V) and other founding institutional equity partners of Convex.
• Buyers: Onex Corporation and American International Group, Inc. (AIG).
• Convex Profile: Specialty property & casualty reinsurer founded in 2019; projected $6 billion gross premium written in 2025; 25% CAGR over the prior three years; 18% average ROE over the past three years.
• Management Retention: Convex’s management team will keep a “significant economic interest,” ensuring continued alignment with Onex and AIG.
• Closing Timeline: Expected in H1 2026, subject to customary closing conditions.
• Advisors:
• Legal – Kirkland & Ellis (advised OP V).
• Financial – UBS Investment Bank (advised certain other Convex investors).
• Legal representation for institutional investors – Weil, Gotshal & Manges LLP and Sidley Austin LLP.
• Strategic Context: Sale follows earlier partial sales of WestJet and OneDigital by OP V in 2025, reinforcing the fund’s strategy of returning capital to investors at or above target valuations.

Notable Quotes

“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,” – Adam Cobourn, Managing Director, Onex Partners.