American International Group, Inc. (AIG) and Onex Corporation have unveiled a new long-term ownership structure for Convex Group Limited, the global specialty insurer and reinsurer, marking a major milestone in the company’s evolution. Under the agreement, Onex will acquire a 63% equity stake in Convex, while AIG will take a 35% minority interest, valuing Convex’s common equity at $7 billion.
The deal signals a significant transition in Convex’s shareholder base, with founding investors—including Onex’s Partners V private equity fund—exiting their positions. Both Onex and AIG will now hold long-term investments directly from their corporate balance sheets, underscoring their confidence in Convex’s growth trajectory.
Founded in 2019, Convex has swiftly emerged as a leading force in the specialty insurance and reinsurance markets, with annual premiums nearing $6 billion and operations spanning multiple global jurisdictions. Led by Executive Chairman Stephen Catlin and CEO Paul Brand, the company has built a strong reputation for underwriting excellence and a performance-driven culture.
As part of the agreement, AIG and Onex will each appoint representatives to the Convex board. However, Convex will continue to operate as an independent company, maintaining full control over its strategy and underwriting approach.
In addition, AIG will participate directly in Convex’s underwriting portfolio through a whole account quota share arrangement effective January 2026. This structure will allow AIG to share in Convex’s underwriting results, aligning both firms’ interests for long-term profitability.
“We are delighted to continue our productive partnership with Onex and to begin a new relationship with AIG,” said Paul Brand, CEO of Convex. “This transaction positions us better than ever to serve our clients and brokers while capitalizing on future market opportunities.”
Onex, which has supported Convex since its founding through private equity investments and balance sheet capital, will become the company’s majority owner. Onex CEO Bobby Le Blanc praised Convex’s rapid ascent in the specialty market and welcomed AIG as a strategic partner, highlighting the potential for sustainable growth and strong underwriting returns.
In a parallel transaction, AIG will also acquire a 9.9% stake in Onex Corporation for approximately $646 million and invest $2 billion over three years across a range of Onex-managed investment funds. The move grants AIG preferred access to Onex’s investment platforms.
Headquartered in Toronto, Onex manages $55.9 billion in assets, including $8.4 billion of its own capital, and holds investments across several specialized insurance platforms.
Both the Convex and Onex transactions are expected to close in the first half of 2026, subject to regulatory approvals and customary conditions. Morgan Stanley, Evercore, and JP Morgan acted as financial advisors, while legal counsel was provided by Wachtell, Lipton, Rosen & Katz, Debevoise & Plimpton, Weil, Gotshal & Manges, Latham & Watkins, among others.
AIG Chairman and CEO Peter Zaffino said the investments represent a disciplined use of capital.
“These investments are a great use of our capital with no operational, technical, or integration risks. Together, we expect our investments in Convex and Onex to be accretive to AIG’s earnings and return on equity in the first year post-closing.”
