American International Group announced it has completed its previously announced acquisitions of strategic minority ownership stakes in Convex Group and Onex Corporation, thereby expanding its exposure to specialty insurance underwriting and alternative asset management.
In the transaction, AIG acquired approximately a 35% equity interest in Convex Group Limited, a privately held global specialty insurer, for about $2.1 billion. AIG also acquired a 9.9% ownership stake in Onex Corporation, a publicly traded global asset manager, for approximately $642 million. In connection with AIG’s investment in Convex, Onex became Convex’s majority shareholder with a 63% ownership interest.
AIG said the investments are intended to strategically position the insurer for longer-term growth and are expected to be accretive to earnings and return on equity in 2026 and beyond. The company also disclosed that it began participating in a whole account quota share of Convex’s business on January 1, 2026, and plans to increase cessions in 2027 and 2028.
Support: Morgan Stanley served as financial advisor to AIG, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton served as legal counsel.
KEY QUOTE:
“We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex and are confident that these long-term investments will continue to strategically position AIG for growth in the future and will be accretive to AIG’s earnings and return on equity in 2026 and in future years.”
Peter Zaffino, Chairman & Chief Executive Officer, AIG
