Convex Group has reported net income of $711 million on gross written premium of $5,879 million for the year ended December 31, 2025, as the specialty re/insurer enters a new chapter under majority owner Onex and strategic partner AIG.
The unaudited results mark a 40.5% jump from $506 million in 2024, with the company also highlighting an expanded capital management framework underpinned by its reshaped ownership structure.
Gross written premium rose 14% from $5,166 million, while net written premium grew 15% to $4,075 million. The combined ratio came in at 89.0%, up 1.7 percentage points from 87.3% the prior year, as catastrophe exposure – including the California wildfires – weighed on the loss ratio. The net operating expense ratio improved 140 basis points to 13.1%.
Convex reported an adjusted return on tangible common equity of 20%, with tangible book value reaching $3,834 million – up 23% year-on-year. GWP growth has produced a three-year compound annual growth rate of 25%.
The company noted the completion during the year of investments by Onex and AIG that it said secured its long-term independent future. The deal, first announced in October 2025, valued Convex's common equity at $7 billion.
AIG completed its approximately $2.1 billion investment for a 35% equity interest in February 2026, while Onex became majority shareholder with a 63% stake. Management retains the balance.
AIG chairman and CEO Peter Zaffino said, at the time of completion, that the investments would be "accretive to AIG's earnings and return on equity in 2026 and in future years," as disclosed in a company filing.
AIG also began participating in a whole account quota share of Convex's business from January 1, 2026, with cessions set to increase in 2027 and 2028 – giving AIG direct participation in Convex's underwriting results.
Onex CEO Bobby Le Blanc, in a statement issued upon deal completion, described Convex as having "world-class underwriting talent" and "significant room for growth and profit expansion."
Convex's founding equity investors, with the exception of management, exited in full as part of the transaction. Onex is reinvesting from its corporate balance sheet rather than through a fund vehicle.
CEO Paul Brand (pictured above) said the company achieved its third consecutive annual net profit, with expansion across most lines of business. Looking ahead, he said the company anticipates modest aggregate rate declines in 2026 but still sees "margin in the business and opportunities for growth."
Broker data supports that view. Howden Re estimated that risk-adjusted global property catastrophe reinsurance pricing fell 14.7% at January 1, 2026 renewals – the steepest decline since 2014 – while Guy Carpenter pegged the drop at 12%.
However, Howden Re's David Flandro characterized the market as one that is "softening but still rational," with attachments and terms remaining tighter than historical norms.
Chairman Stephen Catlin noted that Convex had reached nearly $6 billion in GWP within six years of its 2019 founding with $1.7 billion in committed capital.
