Onex CEO Le Blanc Channels Buffett With Big Bet on Insurance

Onex Corp. made a big bet on an insurance startup, and it didn’t take long for the losses to mount.

First there was the pandemic, then a deep freeze in Texas. In 2022, Hurricane Ian ripped across the Caribbean and Florida en route to becoming one of the costliest storms on record. The investment, Convex Group, was “seeing nothing but essentially money going out the door,” said Paul Brand, the insurer’s chief executive officer.