American International Group, Inc. (AIG) has completed a series of minority stake acquisitions in Convex and Onex Corporation, as part of a broader $7 billion transaction that establishes a long-term strategic partnership among the three companies.
Under the deal, Onex becomes the majority shareholder in Convex with a 63% controlling interest, while AIG acquires a 35% stake in Convex for approximately $2.1 billion and a 9.9% stake in Onex for roughly $642 million, through the subscription of 7.5 million subordinate voting shares. The agreement also includes AIG’s commitment of $2 billion to Onex’s private equity and credit strategies over the next three years.
The transaction positions Convex as a core platform for Onex, alongside its private equity and credit businesses, while strengthening AIG’s exposure to specialty insurance and providing long-term capital and strategic alignment.
Peter Zaffino, Chairman and CEO of AIG, commented: “We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex. These long-term investments strategically position AIG for growth and will be accretive to our earnings and return on equity in 2026 and beyond.”
Bobby Le Blanc, CEO of Onex, added: “The addition of Convex positions us well for accelerated value creation and earnings growth. With world-class underwriting talent, advanced technology, and a low-cost operating model, Convex has significant growth potential. We look forward to working with AIG to maximize value for all Onex shareholders.”
Convex leadership also welcomed the transaction. Stephen Catlin, Chairman, said it ensures the long-term independence of Convex and creates new strategic opportunities. Paul Brand, CEO, described it as a milestone that strengthens partnerships, expands capacity to serve clients and brokers, and sets the stage for future growth.
The deal reflects a combination of capital investment, strategic collaboration, and partnership alignment across specialty insurance, private equity, and reinsurance platforms.
