American International Group Inc. (AIG) has completed acquisitions of strategic minority ownership stakes in Convex Group Limited and Onex Corporation.
AIG acquired an approximately 35% equity interest in Convex, a privately held global specialty insurer, for about $2.1 billion. The company also acquired a 9.9% ownership stake in Onex, a publicly traded global asset manager, for approximately $642 million.
As part of the transaction structure, Onex became the majority shareholder of Convex with a 63% ownership interest following AIG’s investment.
In connection with its investment in Convex, AIG will begin participating in a whole account quota share of Convex’s business starting January 1, 2026. The company stated that it plans to increase cessions in both 2027 and 2028.
Peter Zaffino, chairman and chief executive officer of AIG, said the company completed the minority ownership transactions in Convex and Onex as part of its long-term investment strategy. He added that AIG expects the investments to be accretive to earnings and return on equity beginning in 2026 and in subsequent years.
Morgan Stanley & Co. LLC served as financial advisor to AIG for the transactions. Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel.
American International Group Inc. is a global insurance organization that provides insurance solutions to businesses and individuals in more than 200 countries and jurisdictions. AIG operates through its subsidiaries, affiliates, licenses, authorizations, and network partners. Coverage availability varies by country and jurisdiction and is subject to underwriting requirements and policy terms.
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