American International Group (AIG) has completed minority investments in Convex Group and Onex Corporation, concluding transactions announced in October.
Under the agreements, AIG bought roughly 35% of Convex for about $2.1bn and acquired a 9.9% holding in Onex for approximately $642m.
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The Convex deal leaves Onex as majority owner with a 63% interest.
From 1 January 2026, AIG began taking part in a whole account quota share of Convex’s underwriting portfolio, with plans to expand the volume ceded during 2027 and 2028.
Founded in 2019, Convex operates as a global speciality insurer, and the quota share gives AIG direct exposure to its underwriting activity.
Governance arrangements were also set out.
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By GlobalDataAIG will be entitled to nominate two directors to Convex’s board, subject to mutual agreement between the parties.
Onex, based in Toronto, Canada, oversees around $55.9bn in assets, including $8.4bn of proprietary capital.
AIG will appoint one mutually agreed director to the Onex board and has committed to invest $2bn over three years into a selection of Onex-managed funds, with preferred access rights.
Together, the transactions formalise AIG’s minority positions in both companies and outline board representation, underwriting participation and future fund commitments.
AIG chairman & CEO Peter Zaffino 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.”
Separately, AIG last month entered into an alliance with CVC to back its investment strategy, focusing on insurance-linked solutions and private market opportunities.
The partnership includes the launch of substantial separately managed accounts operating under CVC’s credit strategies, alongside a new evergreen platform for private equity secondaries in which AIG will act as cornerstone investor.
