American International Group (AIG) has completed minority investments in Convex Group and Onex Corporation, concluding transactions announced in October.
Under the agreements, AIG purchased approximately 35% of Convex for approximately $2.1 billion and acquired a 9.9% stake in Onex for approximately $642 million.
The Convex deal leaves Onex as the majority owner with a 63% stake.
Beginning January 1, 2026, AIG began participating in a full account 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 specialty insurer and the share share gives AIG direct exposure to its underwriting business.
Governance arrangements were also established.
AIG will have the right to nominate two directors to the Convex board, subject to mutual agreement between the parties.
Onex, based in Toronto, Canada, oversees about $55.9 billion in assets, including $8.4 billion of equity capital.
AIG will mutually appoint a director to Onex’s board and has committed to invest $2 billion over three years in a selection of funds managed by Onex, with preferential access rights.
Together, the transactions formalize AIG’s minority positions in both companies and outline board representation, underwriting participation and future funding commitments.
AIG Chairman and CEO Peter Zaffino said: “We could not be happier to announce the termination of our minority stakes in Convex and Onex and are confident that these long-term investments will continue to strategically position AIG for future growth and contribute to AIG’s earnings and return on equity in 2026 and beyond.”
Separately, AIG signed an alliance with CVC last month to support its investment strategy, focusing on insurance-related solutions and private market opportunities.
The partnership includes the launch of major separately managed accounts operating under CVC’s credit strategies, along with a new permanent platform for private equity secondaries in which AIG will act as a cornerstone investor.
“AIG Finalizes Minority Stakes in Convex and Onex” was created and originally published by Life Insurance International, a brand owned by GlobalData.
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