Convex announces new long-term ownership structure

Written by Adam Cadle

30/10/2025

Convex has announced a new, long-term ownership structure led by Onex Corporation, with AIG becoming a strategic minority equity investor in the international specialty insurer and reinsurer.

Onex and AIG will acquire respectively 63% and 35% equity stakes in Convex. 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. The investment values Convex’s common equity at $7bn.

While Onex and AIG will both have representation on the Convex board, Convex will continue to operate an independent strategy and underwriting approach. 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.

Paul Brand, CEO of Convex, said: “This is a hugely exciting development for Convex. The Convex team have worked incredibly hard over the last six years to build a world-renowned insurance company, and we see this transaction as the start of the next chapter in our journey. We are delighted to continue our productive partnership with Onex, and that they have decided to make this considerable investment from their own balance sheet. 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.”

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

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