AIG to acquire 35% of Convex Group for $2.1B, 9.9% of Onex Corporation for $646M

AIG (AIG) announced strategic investments in Convex Group and Onex Corporation. Upon closing, AIG will hold minority stakes in each company, giving AIG the opportunity to participate in Convex’s growth and invest in Onex’s high-performing investment funds. Founded in 2019, Convex Group is a privately held global specialty insurer. AIG will acquire a 35% equity interest in Convex Group for approximately $2.1B. As part of the transaction, AIG will participate directly in the insurer’s underwriting portfolio through a whole account quota share structure. AIG will appoint two mutually agreed upon directors to Convex’s board of directors. In addition, AIG will acquire a 9.9% ownership stake in Onex Corporation for approximately $646M. Onex has approximately $55.9B in assets under management, including $8.4B of its own investing capital. Under the terms of the transaction, AIG will appoint a mutually agreed upon director to Onex’s board of directors. AIG will also invest $2B over three years in a diversified set of Onex Corporation’s investment funds with preferred access. Both transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions.