Onex Partners announces sale of Convex to Onex Corporation, AIG

Onex Partners announced an agreement by Onex Partners V, together with other founding institutional equity partners in Convex Group to sell Convex to Onex Corporation (ONEXF) and American International Group (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 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.