American International Group (AIG) will acquire a 35% equity interest for approximately USD 2.1 billion in Convex Group, a leading global specialty insurer with exceptional underwriting capabilities. According to the press release, AIG will participate in a whole account quota share of Convex’s business from January 1, 2026.

In addition, AIG will acquire a 9.9% ownership stake in Onex Corporation, a global asset management company. In conjunction with AIG’s investment in Convex Group, Onex Corporation will become the majority shareholder in Convex with a 63% ownership interest.

AIG will invest up to USD 2 billion in Onex investment funds, consistent with its investment guidelines, supporting the evolution of AIG’s investment portfolio to higher yielding assets with preferred access. Both strategic investments are expected to be accretive to AIG’s earnings and return on equity in the first year post closing, the press release said.

“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”, commented Peter Zaffino, Chairman & CEO, AIG. “AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth”, Peter Zaffino added. “As we look to the future, we will utilize our significant financial flexibility to support Convex through a meaningful equity investment and a whole account quota share structure that allows AIG to take part in the success of Convex’s profitable portfolio, which we believe has significant potential for further growth”, Chairman & CEO of AIG said.

“With Onex Corporation, Convex’s primary shareholder, we are building a strategic relationship with an outstanding team, led by CEO Bobby Le Blanc, that has significant experience investing in highly specialized insurance assets. I am pleased that Onex has committed to increasing its ownership share of Convex, preserving Convex’s independence for the long-term. AIG will also benefit from preferred access to Onex’s world-class investment funds, and I look forward to working with Bobby and his talented team as they continue to make strategic investments in various sectors”, commented Mr. Zaffino.

It is noted that both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions.