Q1 2026 Onex Corp Earnings Call Transcript
Key Points
- Onex Corp (ONEXF) delivered a solid first quarter despite a challenging market backdrop, with strong performance in its private equity and credit platforms.
- The strategic partnership with AIG, which includes a $2 billion capital commitment, is expected to be accretive to fee-related earnings (FRE) and shareholder value.
- Convex, a key investment for Onex Corp (ONEXF), showed strong underwriting performance, profitability, and return on equity, with gross premiums written increasing by 5% year-over-year.
- The private equity team returned over $8 billion to limited partners last year, contributing to a positive momentum in 2026.
- Onex Corp (ONEXF) has a strong liquidity position with $398 million in cash and near cash, and $600 million available on its revolving credit facility.
- Convex experienced a $50 million unrealized mark-to-market loss on its fixed income portfolio due to rising interest rates and macroeconomic volatility.
- Insurance pricing has softened, with year-to-date rates down 4%, particularly affecting short-tail classes of risk such as property.
- The asset management business reported a fee-related earnings (FRE) loss of $3 million in the quarter, with a path to higher FRE expected to be non-linear.
- The issuance of shares to AIG in connection with the Convex acquisition resulted in a 2% decline in investing capital per share for the quarter.
- Convex's net premiums retention decreased, with net premiums down 9% year-on-year, partly due to increased reinsurance purchasing.
Welcome to ONIX First Quarter 2026 Conference Call and Webcast. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session with pre-qualified analysts. At that time, if you have a question, please press *11 on your telephone keypad. As a reminder, this conference is being recorded. I will now turn the conference over to Jill Humenick, Managing Director, Shareholder Relations and Communications at ONIX. Please go.
Thank you. Good morning, everyone, and thanks for joining us. We're broadcasting this call on our website. Hosting the call today are Bobby LeBlanc, Onyx's Chief Executive Officer and Meg McClellan, our Chief Financial Officer. Also joining us today for our Q&A session is Paul Brand, Chief Executive Officer of Condex.
Earlier this morning, we issued our first quarter 2026 press release, MD&A and consolidated financial statements, which are available on the shareholder section of
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
