Onex Finalizes $7B Convex Acquisition, Secures AIG Partnership
Event summary
- Onex completed its $7B acquisition of Convex Group, a specialty P&C insurer, on February 6, 2026.
- AIG owns 35% of Convex and invested $600M in Onex subordinate voting shares.
- AIG committed $2B to Onex’s private equity and credit strategies over three years.
- Convex becomes a core platform alongside Onex’s Private Equity and Credit divisions.
- Onex reported $57.2B in AUM, with $8.5B of its own capital, as of the transaction.
The big picture
Onex’s acquisition of Convex marks a strategic pivot toward capital-light, high-growth insurance platforms, aligning with broader industry trends of consolidation in specialty P&C. The AIG partnership not only provides financial backing but also signals validation of Onex’s long-term value creation strategy. With $57.2B in AUM, Onex is positioning itself as a diversified financial powerhouse, though execution risks remain in integrating Convex’s advanced underwriting and technology platforms.
What we're watching
- Capital Allocation
- How Onex will deploy its capital-lighter model to replicate Convex’s success in other core areas.
- Earnings Impact
- Whether Convex will deliver meaningful recurring net income and free cash flow as projected.
- Strategic Synergy
- The pace at which Onex and AIG integrate operations to maximize value from their partnership.
Related topics