American International Group (AIG) has announced plans to acquire minority stakes in both specialty insurer Convex Group and asset manager Onex Corporation.  

Under the proposed agreements, AIG intends to obtain a 35% equity stake in Convex Group for around $2.1bn, as well as a 9.9% stake in Onex Corporation for about $646m.  

The deals are expected to close in the first half of 2026, contingent on regulatory clearance and customary closing requirements. 

Convex Group, which started operations in 2019, operates as a global speciality insurer.  

According to the outlined terms, AIG will participate directly in Convex’s underwriting activities by means of a quota share arrangement.  

Additionally, AIG will have the right to appoint two directors to Convex’s board, subject to mutual agreement. 

AIG chairman and CEO Peter Zaffino said: “AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth. I have followed the Convex story closely since the company’s formation in 2019 and I have known its founders, Stephen Catlin, Executive Chairman, and Paul Brand, CEO, for over 20 years.  

“I have deep respect for their expertise, leadership and the culture they have built at Convex. Stephen and Paul have earned a reputation for building exceptional underwriting teams and this is reflected in the company’s impressive performance. Through this strategic relationship, AIG will support Stephen and Paul’s continued independent management of Convex.” 

Zaffino added: “As we look to the future, we will utilise 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.” 

Toronto-based Onex Corporation is an alternative asset manager with roughly $55.9bn (C$78.28bn) under management, including $8.4bn of its own capital. 

AIG will appoint one director – selected by mutual agreement – to Onex’s board.  

AIG also plans to commit $2bn over three years to a range of Onex investment funds with preferred access. 

Zaffino stated: “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 specialised 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.” 

These transactions follow an earlier agreement under which AIG will acquire renewal rights for Everest Group’s Global Retail Commercial Insurance business.

This arrangement will grant AIG the ability to renew policies from Everest’s commercial retail portfolio across regions including the US, the UK, Europe and Asia-Pacific.