Appleby Advised Convex on its New Ownership Structure led by Onex and AIG

Appleby Advised Convex on its New Ownership Structure led by Onex and AIG

Appleby Bermuda is advised Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, on a new, long term ownership structure led by Onex Corporation (“Onex”), with American International Group, Inc. (“AIG”) becoming a strategic minority equity investor in Convex.

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 advised 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.

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.

The Appleby Bermuda team was led by Brad Adderley (Managing Partner), Max Tetlow (Partner), George McCallum (Senior Associate) and Ojeda Smith (Senior Associate) and Milaun Perott (Associate) advised on the transaction, working alongside Weil, Gotshal & Manges, lead legal advisers to Convex.

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