American International Group announced plans to make two significant strategic investments, acquiring a 35% equity interest in Convex Group Limited, a global specialty insurer, and a 9.9% ownership stake in Onex Corporation, a global alternative asset manager. The dual transactions, valued at approximately $2.7 billion in total, are designed to strengthen AIG’s earnings profile and expand its exposure to specialty insurance and higher-yielding investment opportunities.
Under the agreement, AIG will purchase its 35% stake in Convex for about $2.1 billion and participate in a whole account quota share of Convex’s underwriting portfolio starting January 1, 2026. Convex, founded in 2019 by industry veterans Stephen Catlin and Paul Brand, operates as a privately held specialty insurer with a risk profile that complements AIG’s existing portfolio. AIG will appoint two mutually agreed directors to Convex’s Board of Directors.
At the same time, AIG will invest approximately $646 million to acquire a 9.9% interest in Onex Corporation, a Toronto-based asset management firm with roughly $55.9 billion in assets under management, including $8.4 billion of its own capital. AIG will also invest up to $2 billion in Onex-managed investment funds over the next three years, obtaining preferred access to diversified, high-performing investment opportunities.
As part of the coordinated transactions, Onex will become the majority shareholder of Convex with a 63% ownership interest. AIG will appoint a mutually agreed-upon director to the Onex Board of Directors. Both transactions are expected to close in the first half of 2026, pending receipt of regulatory approvals and fulfillment of customary closing conditions.
The partnerships with Convex and Onex reflect AIG’s continued focus on expanding its underwriting capabilities and optimizing capital allocation. According to AIG, the investments are expected to be accretive to both earnings and return on equity within the first year following completion.
Advisors/counsel: Morgan Stanley served as financial advisor to AIG, with legal counsel from Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton. Convex Group was advised by Evercore, with Weil, Gotshal & Manges serving as legal counsel. Goldman Sachs acted as financial advisor to Onex, alongside legal counsel from Latham & Watkins.
KEY QUOTES:
“This is a very unique opportunity to invest in a top-performing global specialty company that we believe will drive incremental earnings growth for AIG. AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth. I have followed the Convex story closely since the Company’s formation in 2019 and I have known its founders, Stephen Catlin, Executive Chairman, and Paul Brand, CEO, for over 20 years. I have deep respect for their expertise, leadership and the culture they have built at Convex. Stephen and Paul have earned a reputation for building exceptional underwriting teams and this is reflected in the company’s impressive performance. Through this strategic relationship, AIG will support Stephen and Paul’s continued independent management of Convex.”
“As we look to the future, we will utilize our significant financial flexibility to support Convex through a meaningful equity investment and a whole account quota share structure that allows AIG to take part in the success of Convex’s profitable portfolio, which we believe has significant potential for further growth.”
“With Onex Corporation, Convex’s primary shareholder, we are building a strategic relationship with an outstanding team, led by CEO Bobby Le Blanc, that has significant experience investing in highly specialized insurance assets. I am pleased that Onex has committed to increasing its ownership share of Convex, preserving Convex’s independence for the long-term. AIG will also benefit from preferred access to Onex’s world-class investment funds, and I look forward to working with Bobby and his talented team as they continue to make strategic investments in various sectors.”
“These strategic investments are a great use of our capital with no operational, technical or integration risks. Together, we expect these investments in Convex and Onex to be accretive to AIG’s earnings and return on equity in the first year post closing.”
Peter Zaffino, Chairman & CEO, AIG
