American International Group, Inc. (NYSE: AIG) has announced that it has completed the acquisitions of strategic minority ownership stakes in Convex Group Limited (“Convex”), a privately held, global specialty insurer, and Onex Corporation (“Onex”) (TSE: ONEX), a publicly traded global asset manager.
Pursuant to these transactions, AIG has 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.
Peter Zaffino, Chairman & Chief Executive Officer, AIG said, “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.”
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.
Morgan Stanley & Co. LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel for AIG.
