九色

Convex Group Ltd., the Bermuda-based specialty insurer and reinsurer, announced a new, long-term ownership structure led by private equity firm Onex Corp., with American International Group becoming a minority equity investor.

Onex will acquire a 63% equity stake in Convex for approximately $3.8 billion, while AIG will acquire a 35% equity stake in Convex for approximately $2.1 billion. The balance will be owned by the Convex management team.

The investments value Convex’s common equity at $7 billion.

With the exception of management, Convex’s founding equity investors, including Onex’s Partners V private equity fund, will sell their equity stakes in full. While Onex and AIG both will have representation on the Convex board, Convex will continue to operate an independent strategy and underwriting approach.

The company was launched in 2019 by industry veterans Stephen Catlin and Paul Brand with $1.7 billion in committed capital provided by Onex, PSP Investments and a consortium of co-investors.

Long-Term Strategy

Convex said new ownership structure extends its successful partnership with Onex and begins a new long-term strategic relationship with AIG. In addition to its equity investment in Convex, AIG will write a whole account quota share of Convex’s business from January 1, 2026.

Both Onex and AIG will fund the investment from their respective corporate balance sheets and are committed to holding their equity investments in Convex for the long term, Convex confirmed.

In addition, AIG announced it will acquire a 9.9% ownership stake in Toronto-based Onex for approximately $646 million. Headquartered in Toronto, Onex is publicly traded with approximately $55.9 billion in assets under management, including $8.4 billion of its own investing capital.

AIG plans to invest up to $2 billion in Onex investment funds over three years, aiming to support the evolution of AIG’s investment portfolio to higher yielding assets with preferred access.

Rapid Growth

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

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

“This transaction positions us better than ever to service our clients and brokers, and take advantage of future market opportunities,” said Paul Brand, CEO of Convex.

Onex CEO Bobby Le Blanc said they have been partners with Convex through its private equity funds and balance sheet since 2019. “We are excited to work with the Convex team to deliver sustainable long-term growth, leading underwriting returns and to compound capital for Onex shareholders,” he said.

Over the past six years, Convex has grown rapidly with solid underwriting profits. The company is now a leading specialty property/casualty insurer and reinsurer with up to $6 billion of expected gross premium written 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, said

Unique Opportunity

“This is a very unique opportunity to invest in a top-performing global specialty company that we believe will drive incremental earnings growth for AIG,” said Peter Zaffino, chairman & CEO of AIG. “AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth.”

Zaffino said he has known Convex’s founders, Catlin and Brand, for more than 20 years. “Stephen and Paul have earned a reputation for building exceptional underwriting teams and this is reflected in the company’s impressive performance.”

Continued Independence

With this strategic investment, Zaffino continued, AIG will support Catlin’s and Brand’s “continued independent management of Convex.”

“As we look to the future, we will utilize our significant financial flexibility to support Convex through a meaningful equity investment and a whole account quota share structure that allows AIG to take part in the success of Convex’s profitable portfolio, which we believe has significant potential for further growth,” Zaffino continued.

The transactions are subject to customary regulatory approvals. Closing is expected in the first half of 2026.

Convex has grown exponentially over the past six years, raising additional capital and expanding its operations to Lloyd’s of London, the U.S. and Europe. Some of these business moves include the following:

• In April 2025, Convex began underwriting at Lloyd’s via Syndicate 1984.
• In September 2021, Convex launched a Luxembourg-based European insurance entity, Convex Europe SA (CES), which enables Convex to write business across the European Economic Area (EEA). Later that same year, the company launched a UK branch in London of CES.
• In October 2019, Convex announced that its UK insurance subsidiary, Convex Insurance UK Ltd., had received approval to write U.S. excess and surplus lines across the U.S.
• The company raised $1 billion in November 2020 and $500 million in January 2021.

Topics Mergers & Acquisitions Carriers Reinsurance AIG