American International Group, Onex Corporation, a Canadian investment management firm, and Convex have completed a $7 bn transaction that reshapes ownership of the specialty carrier and formalises a broader strategic partnership.
- Under the terms previously announced, AIG acquired a 35% equity stake in Convex for approximately $2.1 bn.
- It also purchased a 9.9% ownership interest in Onex for about $642 mn, subscribing to 7.5 mn subordinate voting shares.
Convex Group is a specialty insurer and reinsurer providing coverage for complex and high-value risks. Founded by veteran insurance executive Stephen Catlin in 2019, the company operates globally from major hubs in Bermuda and London, focusing on tailored risk solutions for corporate and specialty markets.
Onex now holds a 63% controlling interest in Convex, positioning the insurer as a core platform alongside its private equity and credit operations.
The transaction consolidates Convex within Onex’s long-term capital structure while preserving operational continuity.
As part of the expanded relationship, AIG will commit $2 bn to Onex’s private equity and credit strategies over the next three years.
The agreement extends beyond equity ownership, embedding capital flows and reinsurance cooperation into the partnership.
Peter Zaffino, chairman and chief executive of AIG, said the minority stakes in Convex and Onex support AIG’s growth strategy and are expected to contribute positively to earnings and return on equity beginning in 2026.
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
According to Beinsure, specialty platforms with low asset leverage and scalable technology continue attracting private capital amid disciplined market conditions.
- Bobby Le Blanc, Onex chief executive, described the acquisition as a defining step for the firm. He pointed to Convex’s underwriting capability, capital structure, and operating model as drivers of future earnings expansion.
- Stephen Catlin, chairman of Convex, said the transaction secures the company’s long-term independence while opening additional strategic pathways. Regulatory approvals have been completed.
- Paul Brand, chief executive of Convex, called the deal a milestone in the company’s development. He said the structure strengthens ties with Onex, establishes a new relationship with AIG, and enhances Convex’s ability to serve brokers and clients as it scales.
The agreement aligns insurance underwriting capacity with private capital ownership, reinforcing a trend toward deeper integration between asset managers and specialty carriers.
According to our data, such hybrid structures are increasingly shaping capital deployment strategies across the global reinsurance and specialty market.
