AIG Finalizes Acquisition of Minority Interests in Re/Insurer Convex and Private Equity Firm Onex

American International Group (AIG) announced on Friday the successful completion of its acquisitions of strategic minority ownership stakes in two significant entities: Convex Group Ltd., a privately held global specialty insurer, and Onex Corp., a publicly traded global asset manager.

AIG has acquired approximately 35% equity interest in Convex for around $2.1 billion, alongside a 9.9% ownership stake in Onex for about $642 million. Following AIG’s investment, Onex has emerged as the majority shareholder in Convex, holding a 63% ownership interest.

This deal was first announced in October 2025.

Peter Zaffino, chairman and chief executive officer of AIG, expressed his satisfaction with the completion of these minority ownership stakes, stating, “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’s involvement with Convex began with a whole account quota share of Convex’s business starting January 1, 2026, with plans to increase cessions in 2027 and 2028.

Stephen Catlin, chairman of Convex, also shared his enthusiasm regarding the transaction, stating, “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.” He acknowledged the regulatory bodies for their constructive engagement throughout the process and thanked the financial and legal advisers involved.

Convex CEO Paul Brand remarked, “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.”

Morgan Stanley & Co. LLC served as AIG’s financial adviser, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel. For Convex, Evercore and JP Morgan provided financial advisory services, with Weil, Gotshal & Manges serving as legal advisers.

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Reinsurance
AIG

American International Group (AIG) announced on Friday the successful completion of its acquisitions of strategic minority ownership stakes in two significant entities: Convex Group Ltd., a privately held global specialty insurer, and Onex Corp., a publicly traded global asset manager.

AIG has acquired approximately 35% equity interest in Convex for around $2.1 billion, alongside a 9.9% ownership stake in Onex for about $642 million. Following AIG’s investment, Onex has emerged as the majority shareholder in Convex, holding a 63% ownership interest.

This deal was first announced in October 2025.

Peter Zaffino, chairman and chief executive officer of AIG, expressed his satisfaction with the completion of these minority ownership stakes, stating, “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’s involvement with Convex began with a whole account quota share of Convex’s business starting January 1, 2026, with plans to increase cessions in 2027 and 2028.

Stephen Catlin, chairman of Convex, also shared his enthusiasm regarding the transaction, stating, “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.” He acknowledged the regulatory bodies for their constructive engagement throughout the process and thanked the financial and legal advisers involved.

Convex CEO Paul Brand remarked, “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.”

Morgan Stanley & Co. LLC served as AIG’s financial adviser, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel. For Convex, Evercore and JP Morgan provided financial advisory services, with Weil, Gotshal & Manges serving as legal advisers.

Topics
Carriers
Reinsurance
AIG