Onex Reports Strong Q1 on Convex Gains as AIG Buys 9.9% Stake and Commits $2 Billion

Overview

• Onex reported first‑quarter 2026 results that highlighted strong contributions from Convex and a new partnership in which AIG bought a 9.9% stake and committed $2 billion to Onex-run strategies.
• Convex posted improved underwriting results and profitability, with management pointing to roughly 20% return on equity on a trailing basis.
• Management said Convex’s current accident‑year loss ratio rose modestly after an estimated $23 million hit tied to Middle East exposure referred to on the call as the Iran mall.
• Net premium retention fell year over year, which leaders linked to buying more reinsurance as prices ease and to timing quirks from prior quota‑share placement that distorted comparisons.
• Onex expects Convex to keep growing earnings and said expanding its asset‑management platform should lift fee-related revenue in the second half of 2026, which could smooth results over time.