AIG to Take Minority Stakes in Convex Group, Onex Corporation in $2.7B Investment
American International Group, Inc. (AIG) announced two strategic minority investments totaling approximately $2.7 billion, deepening its reach across global specialty insurance and asset management. The company will acquire a 35% equity interest in Convex Group Limited, a privately held global specialty insurer, for about $2.1 billion, and a 9.9% ownership stake in Onex Corporation, Convex’s primary shareholder and a global asset manager, for approximately $646 million.
As part of the Convex transaction, AIG will also participate directly in the insurer’s underwriting portfolio through a whole-account quota share structure, aligning AIG’s capital with Convex’s underwriting performance. In addition, AIG will appoint two directors—mutually agreed upon by both companies—to Convex’s Board of Directors.
“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,” said Peter Zaffino, Chairman and CEO of AIG. “AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns, and sustained revenue growth.”
In connection with the Onex investment, AIG will gain a board seat and plans to commit $2 billion over three years into a diversified set of Onex-managed investment funds, securing preferred access to the firm’s private market strategies. Onex, headquartered in Toronto, manages approximately $55.9 billion in assets, including $8.4 billion of its own capital, and holds positions in multiple specialized insurance and financial platforms.
Both transactions are expected to close in first half of 2026.
Morgan Stanley & Co. LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel to AIG. Evercore acted as financial advisor and Weil, Gotshal & Manges LLP acted as legal counsel to Convex Group. Goldman, Sachs & Co. acted as financial advisor and Latham & Watkins LLP acted as legal counsel to Onex Corporation.