Toronto private equity firm Onex and New-York based insurer American International Group (AIG) agreed to buy the Bermuda-based insurer in a deal expected to close in the first half of 2026. (The Logic, The Globe and Mail)
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Toronto private equity firm Onex and New-York based insurer American International Group (AIG) agreed to buy the Bermuda-based insurer in a deal expected to close in the first half of 2026. (The Logic, The Globe and Mail)
Talking point: Under the terms of the deal, Onex, one of Convex’s founding investors, will take a 63 per cent stake in the company, while AIG will hold 35 per cent. AIG will also take a 9.9 per cent stake in Onex for US$600 million, and invest US$2 billion in Onex’s private equity and credit strategies. Convex—which was founded in 2019 and is led by industry veterans Paul Brand and Stephen Catlin, is expected to write up to US$6 billion in gross premiums this year. “We are excited to work with the Convex team to deliver sustainable long-term growth,” Bobby Le Blanc, CEO of Onex said in a press release. The firm’s shares traded up 8.5 per-cent Thursday afternoon.
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