Convex reveals GWP approaching $6bn and profit growth for 2025 in run-up to AIG deal
Convex Group grew gross written premium by 14% in 2025 to $5.88bn (£4.35bn) as it made a net profit for the third year in a row ahead of sealing investment from AIG.
The international specialty insurer and reinsurer’s combined operating ratio deteriorated year-on-year from 87.3% to 89%.
However its net income jumped just over 40% to $711m.
AIG took a 35% equity investment in Convex, and Onex Corporation reinvested as a majority shareholder with a 63% stake in a deal that was announced last October and completed earlier this month. The deal valued Convex at $7bn.
AIG also snapped up a 9.9% holding in global asset manager Onex (worth approximately $642m) and
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
Covéa bolsters personal lines leadership with McCann and Midgley in new roles
Covéa Insurance has created two new roles, adding Jamie McCann as head of personal lines and promoting Jade Midgley to head of trading for personal lines.
Allianz revamps commercial management as Nick Hobbs exits after 25 years
Nick Hobbs is to leave Allianz UK after 25 years with the insurer, stepping down from his roles as chief distribution officer and chairman of Allianz Engineering Inspection Services.
Analysis: Are employee benefits the new diversification frontier for GI brokers?
This year, Top 100 UK brokers Jensten, Lloyd & Whyte and Clear have all joined amii, a trade body representing intermediaries advising on health insurance, protection and wellbeing services, while others have acquired in this space. Sam Barrett looks at why firms more closely associated with general insurance broking are branching out to capitalise on opportunities in the employee benefits market.
Insurance complaints up 10% but stay below recent highs
Complaints about insurance and protection rose 10.1% in the second half of last year, the only product group to post an increase.
Brown & Brown partners with Progeny Underwriting on agriculture products
Brown & Brown has entered a three-year partnership with Progeny Underwriting to provide its brokers access to the agricultural specialist managing general agent’s proposition.
Biba 2026 Countdown: Gambit and Mode Insurance’s Ajay Mistry
Gambit Insurance Solutions and Mode Insurance founder and director, Ajay Mistry, recommends being selective and not trying to be everywhere on Wednesday night and sending a quick message/thank you by way of a follow up after the event.
Marsh partners with F1
Global broking giant Marsh has teamed up with Formula 1 as the series’ first official insurance broker partner and official risk partner.
JMG eyes £1bn GWP as it hits £500m
JMG Group has achieved £500m gross written premium during the financial year, setting it sights on hitting £1bn GWP within five years.