Convex Group Ltd., the international specialty insurer and reinsurer, announced that Stephen Catlin, the company’s co-founder has decided to step down as chairman of the board.
He will remain a director and has been elevated to the honorary title of founder and life president to reflect his meaningful contribution to Convex since its inception.
Bobby Le Blanc, a director of the board of Convex since its formation in 2019 and CEO of majority shareholder Onex, has been appointed chairman.
In a deal that was first announced in October 2025, and completed last month, Onex acquired a 63% equity stake in Convex for approximately $3.8 billion, while AIG acquired a 35% equity stake in Convex for approximately $2.1 billion. The balance is owned by the Convex management team.
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As founder and life president, Catlin will continue to provide strategic counsel to the board and mentorship to the executive leadership team, serve as an ambassador for the company’s global initiatives, and steward its long-term mission and values, Convex said.
Catlin will also remain actively involved in philanthropic and industry partnerships that reflect Convex’s values.
“Stephen’s contribution to the success of Convex and to the insurance industry is immeasurable. He has been a colleague, mentor and friend for nearly 40 years,” commented Paul Brand, Convex CEO, in a statement.
“He has built two globally renowned insurance businesses and has been integral to securing Convex’s long-term independent future following our re-capitalization by Onex and AIG. I could say we will miss him, but he will stay very involved with our business,” continued Brand, who co-founded Convex with Catlin. “He will also continue to lead our involvement with the Convex Seascape Survey and several other sustainability initiatives.”
“I am immensely proud of our achievements at Convex over the past seven years. To have built another global carrier in a quarter of the time it took to build the first is no small feat,” Catlin said. “However, Convex would not exist without the incredible team around me or our market partners. I look forward to continuing to help grow the business whilst providing support to the next generation of leadership as we continue to redefine what insurance can become in an ever-changing world.”
Bobby Le Blanc said “I am incredibly honoured to be asked to become the Chairman of Convex. I look forward to Stephen’s continued wise counsel, mentorship and friendship; he is a leading voice in the industry and has helped lead Convex on an exceptional journey since its creation. He is an insurance legend, and I am delighted that he has agreed to remain on the board. He has helped create significant value for both Convex and Onex and shareholders and will continue to help develop our market leadership position.
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