Onex Corporation · TSX:ONEX
Onex — Merger or Acquisition (October 2025)
30 slides from Onex's merger presentation, Oct 30, 2025
Slide 1: Transformational Relationships to Accelerate Enterprise Value Creation
Transformational Relationships to Accelerate Enterprise Value Creation October 30, 2025
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation was created as supplemental information for Onex’ October 30, 2025 announcement regarding certain strategic partnerships and transactions. This presentation may contain forward-looking information and financial outlook (“forward-
Slide 3: Transformational Relationships, Accelerating Value Creation
Transformational Relationships, Accelerating Value Creation The acquisition of Convex and strategic relationship with AIG position Onex to drive enterprise value growth Strategic relationship between Acquisition of Convex, a leading Onex and AIG, one of the leading specialty P&C (re)insurer global i
Slide 4: Overview of Strategic Relationships
Overview of Strategic Relationships Acquisition of Convex Onex’ Relationship With AIG • Onex Corp. (“Onex”) to partner with American • AIG will form a strategic relationship with Onex. International Group, Inc. (“AIG”) to acquire Convex • AIG is a leading global insurance organization with a Group (
Slide 5: Recent Achievements Built the Foundation…
Recent Achievements Built the Foundation… We have deliberately taken steps to position Onex for this strategic transformation: • Aligned business to areas where Onex has a proven right to compete. • Built a fortress balance sheet, preparing for the ability to deploy capital opportunistically. • Sign
Slide 6: … To Now Significantly Accelerate Enterprise Value Creation For Shareholders
… To Now Significantly Accelerate Enterprise Value Creation For Shareholders 1 Convex: A Leading Specialty P&C (Re)insurer Well Positioned To Accelerate Onex’ NAV Growth ✓ Strategic investment and long-term holding for Onex, underpinned by: with r • Convex’s industry-leading platform, underwriting c
Slide 7: Convex: A Leading Specialty P&C (Re)insurer Well Positioned To Accelerate Onex' NAV Growth
1 Convex: A Leading Specialty P&C (Re)insurer Well Positioned To Accelerate Onex’ NAV Growth Convex Overview Key Metrics(1) • Convex underwrites complex risks for large commercial clients across a diversified range of business lines with a mix of 54%/46% insurance/reinsurance. $5.9B $4.1B $566M LTM
Slide 8: Accelerating Profitability of the Asset Management Business
2 Accelerating Profitability of the Asset Management Business Increase in Fee Generating Assets Under Management Additional Benefits from Convex $2.0B Incremental AIG Capital Commitment = Run-Rate FRE ~$15-$20M A portion of Convex’s investment portfolio is currently allocated to Onex-managed funds,
Slide 9: Enhancing Capital Allocation Flexibility While Delivering Continued Strong Growth
3 Enhancing Capital Allocation Flexibility While Delivering Continued Strong Growth Evolution of Investing Capital Capital Deployment Opportunities Per Share (C$)(1) Aggregate (US$B) Direct Balance Sheet Investments Pro Forma Dilution Offset by AIG’s • Investments that have risk adjusted return and
Slide 10: Onex' Acquisition of Convex
Onex’ Acquisition of Convex 10
Slide 11: Overview of Onex' Acquisition of Convex
Overview of Onex’ Acquisition of Convex Onex Financing Sources Onex Corporation to acquire a - Existing Balance Sheet Cash Utilized $1.5B majority interest in Convex at a - Drawn NAV Loan $1.0B Pro Forma Ownership(3) $7.0B equity valuation. - Rollover of Existing Convex Ownership $0.7B - Proceeds fr
Slide 12: Strategic Rationale for Onex' Acquisition of Convex
Strategic Rationale for Onex’ Acquisition of Convex Top Tier Management Team ✓ Onex’ management team has significant insurance experience. Onex is the ✓ Onex has a track record of excellence investing in high-quality financial services businesses. Convex is led by P&C insurance veterans Natural Owne
Slide 13: Platform Performance Underpinned by Differentiated Core Capabilities
Platform Performance Underpinned by Differentiated Core Capabilities Convex’s purpose-built operating platform is unencumbered by legacy technology or insurance liabilities Underwriting & Risk Management Technology • Low-cost operating platform supported by • Underwriting expertise for complex speci
Slide 14: Convex Has Demonstrated Industry Leading Growth and Underwriting Profitability…
Convex Has Demonstrated Industry Leading Growth and Underwriting Profitability… Significant scale achieved in a short period of time… …across a well-diversified book of business Gross Premium Written ($M) LTM Sept 2025: Insurance 10% 54% $ 0.8 $ 3.4 $ 5.2 $ 6.9 $ 9.1 $ 10.9 $12.2 16% Casualty $ 5,88
Slide 15: … Supported by Best-in-Class Performance Metrics
… Supported by Best-in-Class Performance Metrics GPW Growth (2023 – LTM Q2 2025 CAGR)(1) Loss Ratio (2023 – Q2 2025 Average) 22 % Average: 58 % Average: 8 % 62 % 61 % 55 % 44 % 11 % 8% 6% US Specialty Bermuda London US Specialty Bermuda London Combined Ratio (2023 – Q2 2025 Average) Return on Tangib
Slide 16: High Quality Specialty Platforms Trade at a Premium Valuation
High Quality Specialty Platforms Trade at a Premium Valuation P / TBV(1) Why Convex is a Premium Platform Peer Valuations P / Q2 2025 TBV • Best-in-class organic growth with a gross premium written CAGR of 22%(2), versus a group average of 8%. • Strong management team with an excellent track record.
Slide 17: AIG's Relationship with Onex
AIG’s Relationship with Onex 17
Slide 18: Overview of AIG's Investment into Onex
Overview of AIG’s Investment into Onex Relationship Overview Business Mix 1 AIG to Invest in Onex Corporation SVS Specialty • Primary equity issuance of 7.5M SVS to AIG. 22% Commercial • Purchase price of C$117.91 per SVS for total cash consideration of approximately $0.6B. 48% • SVS price based on
Slide 19: Onex' Relationship with AIG: Key Benefits
Onex’ Relationship with AIG: Key Benefits Synergistic Relationship AIG / Convex Majority owner of Convex World-class underwriting and Reinsurance relationship already actioned as a and provided capital to claims expertise. part of this transaction. start the business. Global reach and breadth of loy
Slide 20: Enterprise Value Creation: Key Shareholder Takeaways
Enterprise Value Creation: Key Shareholder Takeaways • Consistent with Onex’ strategic trajectory, leverages strong balance sheet and organizational expertise. • A natural evolution of Onex’ focus on areas where we have a right to compete. • Significant benefits derived from the acquisition of Conve
Slide 21: Appendix
Appendix 21
Slide 22: The Onex Corporation Insurance Ecosystem at Work
The Onex Corporation Insurance Ecosystem at Work Active Onex Portfolio Relationships Convex provides insurance capacity to Ryan Specialty MGAs Convex provides 7 250+ reinsurance capacity to Accredited (Re)insurance Current Add-On Wholesale Carrier Companies(1) Acquisitions(1) Broker / MGA OneDigital
Slide 23: NAV Loan Details and Pro Forma Balance Sheet
NAV Loan Details and Pro Forma Balance Sheet • Onex has secured a commitment for a $1.2B NAV loan facility ($0.6B term loan and $0.6B of Onex Status Quo NAV – Q2 2025 revolving capacity). Onex intends to use $1.0B to fund the transaction, leaving $0.2B for additional liquidity. ─ The NAV loan facili
Slide 24: Supplemental Information Package and Financial Reporting
Supplemental Information Package and Financial Reporting The investment in Convex will be accounted for at fair value in Onex’ financial statements, consistent with Onex’ private equity and credit investments. Onex intends to provide updated information concerning Convex as part of a supplemental in
Slide 25: Convex Q3 2025 Supplemental Information Package
Convex Q3 2025 Supplemental Information Package 25
Slide 26: Financial Highlights
Financial Highlights ($ in millions) YTD YTD Last Four Quarters PYQ Q3 ‘25 Q3'24 Change Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Income Statement Highlights Gross Premium Written $4,988 $4,272 16.8% $1,167 $1,761 $2,060 $894 $960 Net Premium Written 3,453 2,918 18.3% 813 1,194 1,446 615 666 Net Premium Earned
Slide 27: Review of Gross Premium Written by Line of Business
Review of Gross Premium Written by Line of Business By Line of Business as of LTM 30-Sep-2025 Insurance Reinsurance 11% 21% 21% 31% 14% 12% 19% 13% 57% Total Insurance Total Reinsurance Gross Premium Written: $3.2B Gross Premium Written: $2.7B Casualty Property Aerospace Energy Marine Specialty Othe
Slide 28: Investment Portfolio Review as of Sep-30-2025
Investment Portfolio Review as of Sep-30-2025 2% 12% 89% 26% Above Investment Grade(1) 4% 10% A+ Weighted Average Credit Rating of Fixed Maturities Portfolio 3% 10% 3% 2 Year Average Duration of Fixed Maturities 30% 4.7% Total Cash & Investments: $7.6B YTD Net Investment Return Government Bonds ABS
Slide 29: Tangible Book Value Evolution
Tangible Book Value Evolution ($ in millions) KEY HIGHLIGHTS $3,625 • Convex has reported strong $3,382 and consistent growth in $3,045 $3,105 $3,097 tangible book value over the $2,852 $2,687 last two years. $2,589 $2,384 • In the year-to-date period, tangible book value has increased 17%. • Over t
Slide 30: Global Offices
Global Offices TORONTO LONDON NEW YORK NEW JERSEY 161 Bay St. 8 St. James’s Sq. 712 Fifth Ave. 930 Sylvan Ave. Toronto, ON London, UK New York, NY Englewood Cliffs, NJ M5J 2S1 SW1Y 4JU 10019 07632 416.362.7711 44.20.7389.1540 212.582.2211 201.541.2121