Onex Corp. Reports Q3 2025 Earnings and Announces Strategic Insurance Deal

Onex Corporation, listed on the Toronto Stock Exchange under the ticker ONEX.TO, released its third‑quarter 2025 financial results on November 7, 2025. The company reported net earnings of US$39 million for the quarter ended September 30, 2025, which translates to US$0.57 per diluted share. This represents a decline from the US$127 million (US$1.68 per diluted share) earned in the same period a year earlier.

Earnings Call Highlights

During the earnings call, Onex CEO Bob [Last Name] emphasized the firm’s continued strategic growth in private equity and credit investments. He noted that the company’s active approach to building industry‑leading businesses remains a core focus. The earnings call was broadcast to investors and covered the following key points:

  • Revenue and Profitability: While total revenue grew modestly, the reduction in net earnings was attributed to higher operating expenses related to new investment opportunities and transaction costs.
  • Capital Deployment: Onex confirmed its intent to deploy capital into high‑quality private equity and credit assets, maintaining a disciplined investment framework.
  • Outlook: Management projected a gradual recovery in earnings as the company’s portfolio of investments begins to realize gains in the coming quarters.

Convex Group Acquisition with AIG

Onex announced a significant transaction with American International Group Inc. (AIG). The companies agreed to purchase Convex Group Ltd., a specialty property and casualty insurer and reinsurer, in a US$7 billion deal. Under the agreement:

  • Onex will hold 63 % of Convex on its own balance sheet.
  • AIG will retain 35 % of Convex.
  • The transaction involves buying Convex from one of Onex’s private‑equity funds and co‑investors.

CEO Bob [Last Name] stated that the partnership with AIG opens the door for additional insurance‑sector deals in the future, reflecting Onex’s confidence in the value‑creation potential of specialty insurers.

Market Context

The announcement came as the Toronto Stock Exchange experienced a one‑month low, with the S&P/TSX Composite Index falling into negative territory amid concerns over high valuations of AI‑related stocks and uncertainty about growth due to U.S. tariffs on Canadian exports. Despite this broader market pressure, Onex’s stock price had recently peaked at CAD$131.38 on October 29, 2025, and closed at CAD$117.65 on November 5, 2025.

Financial Snapshot

  • Market Capitalization: CAD 8.16 billion
  • Price‑to‑Earnings Ratio: 11.76
  • 52‑Week High/Low: CAD 131.38 / CAD 86.64

The company’s strategic move into specialty insurance, coupled with a disciplined earnings profile, positions Onex to capitalize on opportunities in the private‑equity and credit markets while navigating current market volatility.