Convex Delivers Strong 2025 Results, Onex Eyes Fair Value Estimate
Event summary
- Convex reported 14% YoY growth in Gross Premium Written and 20% in Net Premium Earned for 2025.
- Net income surged 40% to $711 million, up from $506 million in 2024.
- Onex invested $3.8 billion in Convex on February 6, 2026.
- Onex will begin providing fair value estimates for its Convex stake starting Q1 2026.
The big picture
Onex’s strong financial backing of Convex underscores the private equity firm’s confidence in the insurer’s growth trajectory. Convex’s robust underwriting results and operational efficiency position it favorably in a competitive insurance market, where scale and cost management are critical differentiators. Onex’s $3.8 billion investment and upcoming fair value disclosures will be key indicators of its strategic commitment to the sector.
What we're watching
- Valuation Dynamics
- How Onex’s fair value estimates for Convex will impact its own financial reporting and investor perceptions.
- Operational Leverage
- Whether Convex can sustain its expense ratio improvements as it continues to scale.
- Market Positioning
- The pace at which Convex expands its specialty insurance and reinsurance footprint globally.
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