Onex Releases Convex’ Fourth Quarter and Fiscal 2025 Full Supplemental Information Package
All amounts in U.S. dollars unless otherwise stated
TORONTO, March 23, 2026 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today released Convex Group Limited’s (“Convex”) audited financial results for the fourth quarter and full year 2025. This Supplemental Information Package follows the summary financial information released with Onex’ results on February 20 and is available on Onex’ website at https://www.onex.com/convex.
Convex delivered strong performance in 2025, with Gross Premium Written and Net Premium Earned increasing by 14% and 20%, respectively, year-over-year. Underwriting results remained robust with a combined ratio of 89% and benefited from continued improvement in the expense ratio as Convex scales and captures operating leverage. Net income increased 40% to $711 million in 2025, up from $506 million in 20241.
Onex invested $3.8 billion of capital in Convex on February 6, 2026. Beginning in Q1 2026, Onex will provide an estimate of the fair value of its Convex investment.
About Onex
Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices and high-net-worth individuals. In total, Onex has approximately $59.2 billion in assets under management, of which $8.7 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedarplus.ca.
About Convex
Convex is an international specialty insurer and reinsurer with operations in Bermuda, London, Europe, and a managing general underwriter in the United States. Convex occupies a unique position in the insurance industry combining world-class underwriting talent, low asset leverage, an advanced technology platform and a cost-efficient operating model. Onex holds a 63% equity stake in Convex.
Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.
For Further Information:
Zev Korman
Vice President, Shareholder
Relations and Communications
Tel: +1 416.362.7711
1 Convex’ net income is calculated based on U.S. Generally Accepted Accounting Principles.
