Weil is advising Convex Group Limited (“Convex”), the international specialty insurer and reinsurer, and PSP Investments, as existing investor in Convex, on a new, long term ownership structure led by Onex Corporation (“Onex”), with American International Group, Inc. (“AIG”) becoming a strategic minority equity investor in Convex.

Onex and AIG will acquire respectively 63% and 35% equity stakes in Convex. With the exception of management, Convex’s founding equity investors, including PSP Investments and Onex’s Partners V private equity fund, will sell their equity stakes in full. The investment values Convex’s common equity at $7.0bn.

The transaction extends Convex’s successful partnership with Onex and initiates a new long-term strategic relationship with AIG. In addition to its equity investment in Convex, AIG will write a whole account quota share of Convex’s business from January 1, 2026.

While Onex and AIG will both have representation on the Convex board, Convex will continue to operate an independent strategy and underwriting approach. The transactions are subject to customary regulatory approvals. Closing is expected in the first half of 2026.

The Weil team advising Convex is led by Private Equity partner Murray Cox, supported by associates Mark Spiller and Ada Lam. The team also includes Finance partners Chris McLaughlin, Alex Eagle and Andrew Hagan supported by counsel Kai Zhang and associates Lorenzo Colombi-Manzi, Saahil Sheth and Ashley Ken; Antitrust partner Jenine Hulsmann supported by counsel Annagiulia Zanazzo and associate Phoebe Murray; Tax partner Jenny Doak and associate Enda Kerin; and Incentives counsel Kevin Donegan.

The Weil team advising PSP Investments is led by Global Private Equity Co-Head Doug Warner and Private Equity partner Timothy Burns. The team also includes Private Equity associates Adam Voorberg and Madeleine Carpenter and Tax partner Greg Featherman.