AIG announces investments in Convex and Onex

AIG announced strategic investments in Convex Group, a global specialty insurer, and Onex Corporation, a global asset manager. Upon closing, AIG will hold minority stakes in each company, giving AIG the opportunity to participate in Convex’s growth and invest in Onex’s investment funds.

Founded in 2019 with backing from Onex Partners V and other investors, Convex is a specialty insurer with a risk profile that is complementary to AIG. The insurer will acquire a 35% equity interest in Convex for approximately $2.1 billion. As part of the transaction, AIG will participate directly in the insurer’s underwriting portfolio through a whole account quota share structure. Following the deal, Onex Corporation will own ~63% of Convex.

In addition, AIG will acquire a 9.9% ownership stake in Onex for approximately $646 million. Headquartered in Toronto, Onex is a publicly traded, global alternative asset management firm that holds positions in various specialized insurance platforms. Onex has approximately $55.9 billion in assets under management, including $8.4 billion of its own investing capital.

AIG will also invest $2 billion over three years in a diversified set of Onex’s investment funds with preferred access.

Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions.

“These strategic investments are a great use of our capital with no operational, technical or integration risks,” said Mr. Zaffino. “Together, we expect these investments in Convex and Onex to be accretive to AIG’s earnings and return on equity in the first year post closing.”