American International Group announced on Friday it has completed the acquisitions of strategic minority ownership stakes in Convex Group Ltd., a privately held, global specialty re/insurer, and Onex Corp., a publicly traded global asset manager.
AIG acquired an approximately 35% equity interest in Convex for approximately $2.1 billion, and a 9.9% ownership stake in Onex for approximately $642 million. In conjunction with AIG’s investment in Convex, Onex has become the majority shareholder in Convex with a 63% ownership interest.
The deal was first announced in October 2025.
“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,” commented Peter Zaffino, chairman & chief executive officer, AIG, in a statement.
AIG began participating in a whole account quota share of Convex’s business beginning January 1, 2026, and will increase cessions in 2027 and 2028.
“We are delighted to announce the completion of this transaction, which secures the long-term independence of Convex and presents a range of exciting strategic opportunities,” said Stephen Catlin, chairman of Convex, in a separate announcement that the deal had received all regulatory approvals.
“We would like to thank the regulators for their constructive engagement throughout the process and our financial and legal advisers for their efforts,” Catlin added.
“This is a milestone for Convex. The transaction heralds the next phase of our development, strengthens our partnership with Onex, establishes a new relationship with AIG, and further enhances our ability to serve clients and brokers while pursuing future opportunities,” according to Convex CEO Paul Brand.
Morgan Stanley & Co. LLC acted as AIG’s financial advisr and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel. Evercore and JP Morgan acted as financial advisers for Convex, while Weil, Gotshal & Manges acted as legal advisers.
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Carriers
Reinsurance
AIG
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