Key drivers of strategy to enhance Onex’ enterprise value through Convex ownership and increased profitability at Onex’ asset management platformAll amounts in U.S. dollars unless otherwise stated TORONTO, Feb. 06, 2026 (GLOBE NEWSWIRE) -- Onex Corporation (TSX: ONEX) today announced the completion of its previously announced acquisition of Convex Group Limited (“Convex”), a leading specialty property and casualty insurance and reinsurance company. “This is a pivotal moment in Onex’ history and the addition ...

Core Insights - American International Group, Inc. (AIG) has formed a strategic partnership with CVC to enhance AIG's long-term investment goals through CVC's expertise in insurance solutions and private markets innovation [1][7] Group 1: Partnership Details - The partnership includes the creation of large-scale separately managed accounts (SMAs) focused on CVC's credit strategies and the launch of a private equity secondaries evergreen platform with AIG as a cornerstone investor [2][3] - AIG will contribute up to $1.5 billion from its existing private equity portfolio to CVC's private equity secondaries evergreen platform, providing immediate scale and a seed portfolio for the strategy [4] - AIG plans to allocate up to $2 billion to SMAs and Funds managed by CVC, with an initial deployment of $1 billion through 2026, allowing tailored access to diversified private and liquid credit strategies [5] Group 2: Strategic Implications - The partnership reflects a shared ambition to build a long-term relationship focused on scale, alignment, and bespoke solutions for global institutional and private wealth investors [3] - CVC's CEO highlighted the partnership as a strong endorsement of CVC's capabilities to meet the evolving needs of global insurance institutions [6] - AIG's CEO emphasized the collaboration with a European asset manager as a strategic move to actively manage its investment portfolio and access differentiated opportunities [7] Group 3: CVC Overview - CVC is a leading global private markets manager with approximately €201 billion in assets under management and a network of 30 office locations worldwide [8] - CVC has secured over €243 billion in commitments from leading pension funds and institutional investors across its seven complementary strategies [8] - CVC's private equity strategy is invested in over 150 companies globally, generating combined annual sales exceeding €165 billion and employing nearly 600,000 people [8]

Core Insights - Onex Partners announced an agreement to sell Convex Group Limited to Onex Corporation and American International Group for $7 billion [1] Company Overview - Convex was founded in 2019 as a de novo insurer in partnership with Onex Partners V and several independent investment partners [2] - Since its inception, Convex has grown into a significant specialty property and casualty (re)insurer, with gross premiums written expected to reach $6 billion in 2025, reflecting a 25% compound annual growth rate over the last three years and an 18% average return on equity during the same period [3] Transaction Details - The sale of Convex is part of Onex Partners' history of investing in the property and casualty insurance value chain, particularly in founder-led businesses [4] - This transaction, along with previous partial sales of WestJet and OneDigital, contributes to Onex Partners' record of returning capital to investors at targeted values [5] - The transaction is expected to close in the first half of 2026, pending customary closing conditions [5] Legal and Advisory - Kirkland & Ellis provided legal advice to Onex Partners, while UBS Investment Bank acted as a financial advisor for certain other investors in Convex [6]