Latham Advises Onex in US$7 Billion Acquisition of Convex

Latham has advised Onex Corporation, an alternative asset manager, on its acquisition of Convex, a leading specialty property and casualty (re)insurer, alongside American International Group (AIG).

Following the acquisition, Onex and AIG will own approximately 63% and 35%, respectively, of Convex, with the remainder held by the Convex management team. The acquisition values Convex at US$7 billion, representing 1.9x Q3 2025 tangible book value.

The Latham team was led by London partners Neil Campbell and Michael Bond, New York partner Matthew Chase, and Chicago partner Dan Breslin, with associates Nick Fisher, Zaal Cyrus Cama, John Welling, Nick Boulter, and Manaal Ali. Advice was also provided on insurance regulatory matters by London counsel Tim Scott and New York counsel Alexander Traum; on financial regulatory matters by London partner Nicola Higgs, with associate Ella McGinn; on tax matters by London partner Sean Finn and New York partner Alan Kimball, with associate Abi Abbot; and on antitrust matters by New York partner Kate Rocco, London partner Gregory Paul Bonné, and Brussels partner Tomas Nilsson, with associates Josephine Macintosh and Jamie Sadler.