Stephen Catlin (pictured), co-founder of the international specialty insurer and reinsurer Convex Group, has stepped down as chairman of its board of directors, the company has announced.
Bobby Le Blanc, chief executive of Onex Corp. – Convex’s majority shareholder – has been appointed to succeed him as chairman. Le Blanc has served as a director on the Convex board since the company’s formation in 2019.
Catlin will remain on the board with the honorary title of founder and life president. In this role, he is expected to continue providing strategic counsel to the board, mentoring Convex’s executive leadership team, and serving as an ambassador for the company’s global initiatives.
Convex CEO Paul Brand described Catlin’s contribution to the insurer and the wider industry as “immeasurable,” noting their nearly 40 years of professional collaboration. Brand said Catlin had “built two globally renowned insurance businesses” and played a central role in securing Convex’s long-term independence following its recapitalisation by Onex and American International Group.
“I could say we will miss him, but he will stay very involved with our business,” Brand said. “He will also continue to lead our involvement with the Convex Seascape Survey and several other sustainability initiatives.”
In a statement, Catlin said he was “immensely proud” of what Convex had achieved 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,” he said. He credited the company’s team and market partners for making Convex possible.
“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,” Catlin said.
“I am incredibly honoured to be asked to become the chairman of Convex,” said Le Blanc said, in his first remarks as incoming chairman. “I look forward to Stephen’s continued wise counsel, mentorship and friendship.”
He called Catlin “an insurance legend” and credited him with helping create “significant value” for Convex, Onex, and the company’s shareholders.
Convex holds an “A” (Excellent) rating from AM Best and an “A” with stable outlook from S&P Global Ratings.
The leadership transition comes weeks after a period of significant corporate activity at Convex. In October 2025, Convex announced a new long‑term ownership structure under which Onex would hold a 63% equity stake and AIG would become a strategic investor with an approximately 35% equity interest, agreements that were approved and closed in early February.
Convex reported its full‑year results for 2025, posting gross written premiums of US$5,879m and net income of US$711m.
