Onex has unveiled its robust performance for 2025 and a positive future outlook, significantly bolstered by its acquisition of Convex and a strategic alliance with AIG. The company's leadership highlighted a deliberate pivot towards achieving sustained growth in net income and free cash flow, identifying Convex as a pivotal asset for future value creation.
The successful integration of Convex, valued at $7 billion, with Onex holding a 63% stake and AIG approximately 35%, underscores a well-researched strategic move. Onex's CEO, Bobby Le Blanc, emphasized the nearly seven years of prior due diligence on Convex, stemming from its history as an Onex Partners V portfolio company, which provided an unparalleled informational advantage. This meticulous approach has positioned Convex to deliver substantial financial results, including $711 million in net income for 2025, a 20% return on equity, and a 14% increase in gross premium written, totaling $5.9 billion. Management also anticipates that various operational and financial levers will further drive earnings growth throughout market cycles.
Looking ahead, Onex aims to enhance its intrinsic value, focusing on direct investments with attractive risk-adjusted returns and a capital-efficient model. The company also reported successful fundraising efforts in 2025 for Onex Partners and ONCAP, generating $8 billion in realizations. With a strong liquidity position and strategic capital allocation plans, Onex is well-prepared to navigate future investments and continue its trajectory of growth, as it welcomes Megan McClellan as the new CFO.
Onex's strategic moves, particularly the Convex acquisition, exemplify a forward-thinking approach to investment management. By focusing on deep due diligence, leveraging strong partnerships, and prioritizing sustainable financial growth, Onex is not only securing its own prosperity but also setting a benchmark for strategic development in the financial industry. This commitment to transparency and intelligent capital deployment ensures a stable and promising future, benefiting stakeholders and contributing positively to the broader economic landscape.