Advising Onex on strategic US$7bn acquisition of Convex Group

Our team acted as Bermuda counsel to Onex Corporation in connection with its acquisition of a 63% stake in Convex Group Limited, the international specialty insurer and reinsurer, as part of a long-term strategic partnership with AIG, which will hold a 35% equity interest, and management will hold the remaining portion.
 
The transaction, which values Convex’s common equity at US$7bn, marks one of the most significant developments in the Bermuda insurance market in recent years. It reinforces Bermuda’s position as a leading global hub for large-scale reinsurance and capital markets transactions.
 
As part of the wider relationship, AIG will reportedly write a whole account quota share of Convex’s business from 1 January 2026, acquire a 9.9% ownership stake in Onex Corporation for approximately US$0.6bn, and invest US$2bn over three years across Onex’s private equity and credit investment funds.
 
The Bermuda team was led by Corporate partner Rachel Nightingale and Insurance partner Sarah Demerling, with support from partner Nathalie West and senior associate Samantha Walker. The firm worked alongside Latham & Watkins LLP as UK and US counsel to Onex Corporation.
 
Rachel commented: 'This transaction represents a milestone in the evolution of Bermuda’s reinsurance market, underscoring continued investor confidence in the jurisdiction’s strength, innovation and global relevance. We were pleased to support Onex Corporation on such a transformative deal.'