American International Group (AIG) and Onex Corp. are making a serious play in the specialty insurance market, taking major stakes in Convex Group under a deal valued at $7 bn.
The structure shifts control – Onex grabs around 63% of Convex, while AIG takes 35%.
Convex, the international insurer and reinsurer based in Bermuda, said its early backers, including Onex’s Partners V fund, are exiting their equity positions, leaving management with their holdings intact.
For AIG, this move runs deeper than just a financial partnership. Alongside the Convex investment, AIG will buy a 9.9% stake in Onex for $646 mn.
That ties AIG into a global asset manager with roughly $55.9 bn in assets, including $8.4 bn of its own capital.
AIG’s 35% slice of Convex comes with a price tag of about $2.1 bn. The deal includes a whole-account quota share arrangement, allowing AIG to participate directly in Convex’s underwriting results.
Two directors agreed upon by both firms will join Convex’s board once the deal clears regulatory approval, which is expected by the first half of 2026.
AIG chief Peter Zaffino called the move “a very unique opportunity” to invest in a high-performing global specialty company. He said the transaction supports AIG’s growth strategy and uses its financial flexibility to gain exposure to Convex’s profitable portfolio, which he believes still has serious upside.
Convex, founded in 2019 by Stephen Catlin and Paul Brand, described the deal as an extension of its partnership with Onex and the start of a long-term alliance with AIG.
The company said it will keep operating independently, both in strategy and underwriting.
“In six years, we’ve built an extraordinary business,” Catlin said. Convex now writes up to $6 bn in annual premiums across global markets. He added that the deal “secures the company’s independence and opens new strategic possibilities.”
Onex CEO Bobby Le Blanc said the firm was “delighted to make a long-term strategic investment” and to bring AIG in as a new partner.
We’ve backed Convex from the beginning. Now we’re locking in for the next stage.
Once closed, AIG will begin writing a whole-account quota share of Convex’s business from January 1, 2026. It’s a long play – one that could reshape how both firms approach the specialty insurance space for years ahead.
