Convex announces new long term ownership structure, Onex Corporation reinvests as majority shareholder, AIG welcomed as a new strategic investor

HAMILTON, BERMUDA

Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, today announces a new, long term ownership structure led by Onex Corporation (“Onex”), with American International Group, Inc. (“AIG”) becoming a strategic minority equity investor in Convex.

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 $7.0bn.

The transaction extends Convex’s successful partnership with Onex and initiates 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 1st January 2026. This new relationship is a strong endorsement of the quality of Convex’s leadership and underwriting capabilities.

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.

Stephen Catlin, Chairman of Convex, said: “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 $6bn and operations in a range of global jurisdictions. We’ve known Peter Zaffino for over 20 years in numerous leadership roles. We greatly admire the contribution he has made to the industry as a whole and, together with the outstanding team he has built at AIG, the successful execution of his strategic vision, positioning AIG for growth and delivering attractive risk adjusted returns for AIG shareholders. This transaction secures the long-term independence of Convex and presents a range of exciting strategic opportunities. We would like to thank our founding shareholders, including Onex, for their unwavering support in establishing and growing the business, and our other supporters within the insurance market. Without them we would not be where we are today.”

Paul Brand, CEO of Convex, added: “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.”

Bobby Le Blanc, CEO of Onex, said: “Having been a partner to Convex through our private equity funds and balance sheet since 2019, we are delighted to be making a long-term strategic investment in the business, and to welcome AIG as a strategic investor. In a small number of years the Convex team, led by Stephen and Paul, has created a leading specialty insurance and reinsurance business writing the most complex risks across the globe. 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.”

Peter Zaffino, Chairman & CEO, AIG, said: “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. AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth. I have followed the Convex story closely since the Company’s formation in 2019 and I have known its founders, Stephen Catlin, Executive Chairman, and Paul Brand, CEO, for over 20 years. I have deep respect for their expertise, leadership and the culture they have built at Convex. Stephen and Paul have earned a reputation for building exceptional underwriting teams and this is reflected in the company’s impressive performance. Through this strategic relationship, AIG will support Stephen and Paul’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.”

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

Evercore and JP Morgan acted as financial advisers and Weil, Gotshal & Manges acted as legal advisers to Convex.

About Convex

Convex Group is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines. The company brings together best in class talent, a diversity of thought and the freedom and independence of a strong balance sheet to create a fresh approach to business. The Group’s ambition is to offer something different to its clients and to engage with them in a true partnership based on fairness, dignity and respect. Convex was founded by Stephen Catlin and Paul Brand and operates out of London and Bermuda. The company has an “A“ (Excellent) A.M. Best rating and an “A“ with stable outlook S&P rating.

www.convexin.com

About Onex

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $55.9 billion in assets under management, of which $8.4 billion is Onex’s own investing capital.

With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’s platforms. Onex is listed on the Toronto Stock Exchange under the symbol (TSX:ONEX).

For more information on Onex, visit its website at www.onex.com
Onex’s security filings can also be accessed at www.sedarplus.ca

About AIG

AIG, Inc. (NYSE:AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.

For additional information, visit www.aig.com

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