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.
Appleby is advising Convex on its new ownership structure and strategic investment by AIG. Appleby advised with the share purchase agreement and ancillary transaction documents, governance and regulatory matters.
Bermuda Managing Partner Brad Adderley, Partner Max Tetlow, Senior Associates George McCallum and Ojeda Smith and Associate Milaun Perott advised on the transaction, working alongside Weil, Gotshal & Manges, lead legal advisers to Convex.
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 1 January 2026.
While Onex and AIG will both have representation on the Convex board, Convex will continue to operate an independent strategy and underwriting approach. The transactions are subject to customary regulatory approvals. Closing is expected in the first half of 2026.