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]