Convex unveils new ownership structure as AIG makes investment and Onex takes majority stake

Convex Group has announced a new long-term ownership structure led by Onex Corporation, with AIG joining as a strategic minority investor.

Under the agreement, Onex will acquire a 63% equity stake in Convex, while AIG will take 35%.

The deal values Convex’s common equity at $7bn and will see its founding shareholders, including Onex’s Partners V private equity fund, sell their holdings in full, except for management.

The transaction extends Convex’s partnership with Onex and establishes a new strategic relationship with AIG, which will also write a whole account quota share of Convex’s business from 1 January 2026.

Convex said the new ownership structure represents a strong endorsement of its underwriting performance and long-term business model.

Although both Onex and AIG will have representation on the Convex board, the company will continue to operate independently with its own strategy and underwriting approach.

Stephen Catlin (pictured), chairman of Convex, applauded the agreement as marking a major milestone in the firm’s growth.

“In six years, the team at Convex has built an extraordinary business,” he said. “We have become a major player in global specialty insurance and reinsurance, with annual premium income of up to $6bn and operations in a range of global jurisdictions.”

“This transaction secures the long-term independence of Convex and presents a range of exciting strategic opportunities,” Catlin added.

Convex CEO Paul Brand called the deal “the next chapter” in the company’s journey.

“This is a hugely exciting development for Convex,” he said. “We are delighted to continue our productive partnership with Onex, and we are also excited to begin a new relationship with AIG. This transaction positions us better than ever to service our clients and brokers and take advantage of future market opportunities.”

Onex CEO Bobby Le Blanc said the firm was investing directly from its balance sheet as part of a long-term strategic commitment.

“In a small number of years, the Convex team, led by Stephen and Paul, has created a leading specialty insurance and reinsurance business writing the most complex risks across the globe,” he said.

AIG chairman and CEO Peter Zaffino described the investment as a “unique opportunity” to participate in Convex’s continued success.

“AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth,” he said.

“These transactions are subject to regulatory approvals and are expected to close in the first half of 2026.”