Mr. Bobby Le Blanc reports

ONEX COMPLETES CONVEX ACQUISITION AND STRATEGIC INVESTMENT BY AIG

Onex Corp. has completed its previously announced acquisition of Convex Group Ltd., a leading specialty property and casualty insurance and reinsurance company. (All amounts are in U.S. dollars unless otherwise stated.)

"This is a pivotal moment in Onex's history, and the addition of Convex positions us well for accelerated value creation and earnings growth," said Onex chief executive officer Bobby Le Blanc. "What the Convex team has achieved in just seven years since they founded the business is remarkable, and I am confident that considerable upside lies ahead. With world-class underwriting talent, low asset leverage, an advanced technology platform and a low-cost operating model, there is significant room for growth and profit expansion as the business continues to scale."

Convex will become a core platform for Onex, alongside private equity and credit. Onex's interest in Convex is expected to generate meaningful recurring net income and free cash flow for shareholders.

As Onex continues to transition its asset management platforms to a capital-lighter model, future capital allocation will be focused on similar investments to Convex in its core areas of expertise, with the goal of generating strong risk-adjusted returns for Onex shareholders and increasing transparency to assist investors in measuring Onex's future performance.

Onex acquired Convex in partnership with American International Group Inc. for $7-billion. Onex and AIG own approximately 63 per cent and 35 per cent, respectively, of Convex, with the balance owned by the Convex management team. In connection with the Convex acquisition, AIG subscribed for 7.5 million or approximately 9.9 per cent of the subordinate voting shares of Onex. AIG will also commit $2-billion to Onex's private equity and credit strategies over the next three years.

"We look forward to working with our co-investor AIG, one of the world's leading insurance organizations, to achieve the full potential of our strategic relationship and maximize value for all Onex shareholders," added Mr. Le Blanc.

Onex is scheduled to report fourth quarter 2025 results on Feb. 20, 2026, and will provide an update at that time on Convex's 2025 financial results.

Multilateral Instrument 61-101

As previously disclosed, the acquisition may constitute a related-party transaction of Onex as defined in Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). At the time of signing, certain directors and senior officers of Onex held limited partnership units in certain of the Onex Partners V entities, which collectively represented an indirect 0.25-per-cent interest in Convex. Onex relied on sections 5.5(a) and 5.7(a) of MI 61-101, which provide for an exemption from the formal valuation and minority approval requirements set out in Part 5 of MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value consideration paid by, Onex to those entities exceeded 25 per cent of the Onex market capitalization as of the date of signing. The transactions with the remaining Onex Partners V entities fall within the definition of downstream transaction under MI 61-101 and thus not subject to Part 5 of MI 61-101.

About Onex Corp.

Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, it has a long record of creating value for its clients and shareholders. Its investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices, and high-net-worth individuals. In total, Onex has approximately $57.2-billion in assets under management, of which $8.5-billion is Onex's own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex's platforms.

Onex is listed on the Toronto Stock Exchange under the symbol ONEX.

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