American International Group, a U.S.-based multinational insurance and financial services corporation, has completed minority investments in Convex and Onex Corporation as part of a $7 bn strategic transaction linking the three groups.
Onex now holds a 63% controlling interest in Convex. AIG acquired a 35% stake in Convex for about $2.1 bn and a 9.9% stake in Onex for roughly $642 mn through the subscription of 7.5 mn subordinate voting shares.
The agreement also commits AIG to invest $2 bn into Onex’s private equity and credit strategies over the next three years.
- Convex Group is a specialty insurer and reinsurer headquartered in Hamilton, Bermuda. The company provides coverage for complex and large-scale risks globally, focusing on both insurance and reinsurance markets across property, casualty, marine, energy, and specialty lines.
- Onex Corporation is a Canadian investment management firm headquartered in Toronto, Ontario. It is one of the country’s largest private equity companies, managing capital on behalf of shareholders and institutional investors globally. The firm is known for acquiring, improving, and holding significant stakes in businesses across multiple sectors.
The structure places Convex alongside Onex’s private equity and credit operations as a core platform. For AIG, the move expands exposure to specialty insurance and locks in long-term capital alignment with an alternative asset manager.
Chairman and CEO Peter Zaffino said the investments will support earnings and return on equity accretion beginning in 2026. He framed the stakes as long-term positions tied to growth in specialty underwriting and alternative capital deployment.
We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex. These long-term investments strategically position AIG for growth and will be accretive to our earnings and return on equity in 2026 and beyond.
Peter Zaffino, Chairman and CEO of AIG
Onex CEO Bobby Le Blanc said bringing Convex under majority ownership strengthens earnings growth prospects. He pointed to underwriting talent, technology infrastructure, and operating efficiency as drivers of expansion.
Convex Chairman Stephen Catlin said the deal protects the firm’s independence while opening strategic options. CEO Paul Brand described the transaction as a milestone that increases capacity for clients and brokers and deepens capital backing.
The addition of Convex positions us well for accelerated value creation and earnings growth. With world-class underwriting talent, advanced technology, and a low-cost operating model, Convex has significant growth potential. We look forward to working with AIG to maximize value for all Onex shareholders.
Bobby Le Blanc, CEO of Onex
According to Beinsure, the arrangement knits together specialty underwriting, reinsurance capacity, and private capital under a single alignment structure.
AIG secures minority influence without full consolidation. Onex gains an insurance earnings stream. Convex receives stable shareholders with long-duration capital.
