On October 30, 2025, Onex Partners V (“OP V”) and other founding institutional equity partners agreed to sell Convex Group Limited (“Convex”) to Onex Corporation (“Onex”) and American International Group, Inc. (“AIG”) for US$7 billion (approximately C$9.57 billion).

Convex, founded in 2019 by Stephen Catlin, Paul Brand, and the management team in partnership with OP V and several independent direct investment partners and co-investors, grew into a specialty property and casualty (re)insurer. Convex was expected to reach up to US$6 billion (C$8.2 billion) in gross premium written for 2025, with a 25% compound annual growth rate in gross premium written and an 18% average return on equity over the past three years. The management team will retain a significant economic interest in the company, maintaining alignment with Onex and AIG.

The transaction is expected to close in the first half of 2026, subject to customary closing conditions. Morgan Stanley advised AIG on the transaction, with legal counsel from Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP. Evercore and Weil, Gotshal & Manges LLP advised Convex, while Goldman Sachs, Latham & Watkins LLP, and Torys LLP advised Onex. Kirkland & Ellis acted as legal advisor to OP V. Certain other Convex investors were advised by UBS Investment Bank as financial advisor, while Weil, Gotshal & Manges LLP and Sidley Austin LLP served as legal counsel to institutional investors in Convex.