Onex Completes Convex Acquisition and Strategic Investment by AIG

Key drivers of strategy to enhance Onex’ enterprise value through Convex ownership and increased profitability at Onex’ asset management platform

All amounts in U.S. dollars unless otherwise stated

TORONTO, Feb. 06, 2026 (GLOBE NEWSWIRE) — Onex Corporation (TSX: ONEX) today announced the completion of its previously announced acquisition of Convex Group Limited (“Convex”), a leading specialty property and casualty insurance and reinsurance company.

“This is a pivotal moment in Onex’ history and the addition of Convex positions us well for accelerated value creation and earnings growth,” said Onex CEO Bobby Le Blanc. “What the Convex team has achieved in just seven years since they founded the business is remarkable, and I am confident that considerable upside lies ahead. With world-class underwriting talent, low asset leverage, an advanced technology platform and a low-cost operating model, there is significant room for growth and profit expansion as the business continues to scale.”

Convex will become a core platform for Onex, alongside Private Equity and Credit. Onex’ interest in Convex is expected to generate meaningful recurring net income and free cash flow for shareholders.

As Onex continues to transition its asset management platforms to a capital-lighter model, future capital allocation will be focused on similar investments to Convex in our core areas of expertise, with the goal of generating strong risk-adjusted returns for Onex shareholders and increasing transparency to assist investors in measuring Onex’ future performance.

Onex acquired Convex in partnership with American International Group, Inc. (“AIG”), for $7 billion. Onex and AIG own approximately 63% and 35%, respectively, of Convex, with the balance owned by the Convex management team. In connection with the Convex acquisition, AIG subscribed for 7.5 million or approximately 9.9% of the subordinate voting shares of Onex. AIG will also commit $2 billion to Onex’ private equity and credit strategies over the next three years.

“We look forward to working with our co-investor AIG, one of the world’s leading insurance organizations, to achieve the full potential of our strategic relationship and maximize value for all Onex shareholders,” added Mr. Le Blanc.

Onex is scheduled to report fourth quarter 2025 results on February 20, 2026, and will provide an update at that time on Convex’ 2025 financial results.

Multilateral Instrument 61-101

As previously disclosed, the Acquisition may constitute a “related party transaction” of Onex as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).  At the time of signing, certain directors and senior officers of Onex held limited partnership units in certain of the Onex Partners V entities, which collectively represented an indirect 0.25% interest in Convex. Onex relied on sections 5.5(a) and 5.7(a) of MI 61-101, which provide for an exemption from the formal valuation and minority approval requirements set out in Part 5 of MI 61-10,1 as neither the fair market value of the subject matter of, nor the fair market value consideration paid by Onex to those entities exceeded 25% of the Onex’s market capitalization as of the date of signing. The transactions with the remaining Onex Partners V entities fall within the definition of “downstream transaction” under MI 61-101 and thus not subject to Part 5 of MI 61-101.

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 $57.2 billion in assets under management, of which $8.5 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.

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.

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