American International Group, Inc. (AIG) and Onex Corporation have announced a long-term ownership structure for Convex Group Limited, a global specialty insurer and reinsurer. Under the agreement, Onex will acquire a 63% equity stake in Convex, while AIG will take a 35% minority interest, collectively valuing Convex’s common equity at $7 billion. The transaction marks a significant shift in Convex’s ownership, with founding investors, including Onex’s Partners V private equity fund, exiting their positions as Onex and AIG commit to long-term direct investment from their respective corporate balance sheets.
Founded in 2019, Convex has rapidly established itself as a major player in global specialty insurance and reinsurance, with annual premium income approaching $6 billion and operations spanning multiple jurisdictions. The company’s leadership, headed by executive chairman Stephen Catlin and CEO Paul Brand, has been widely recognized for building high-performing underwriting teams and a culture of excellence. Both Onex and AIG will appoint representatives to Convex’s board, but the insurer will continue to operate independently, maintaining its own strategy and underwriting approach.
As part of the transaction, AIG will also participate directly in Convex’s underwriting portfolio through a whole account quota share structure, effective January 2026. This arrangement allows AIG to share in the insurer’s profitable portfolio and aligns the interests of both organizations for future growth.
Peter Zaffino, chairman and CEO of AIG, described the investment as a unique opportunity to partner with a top-performing specialty insurer. “AIG’s investment reflects our confidence in Convex’s ability to consistently deliver outstanding results, strong returns, and sustained revenue growth,” Zaffino said, emphasizing his longstanding relationship with Catlin and Brand. “Through this strategic relationship, AIG will support Stephen and Paul’s continued independent management of Convex.”
Convex’s leadership echoed the significance of the deal. “In six years, the team at Convex has built an extraordinary business,” said Catlin. “This transaction secures the long-term independence of Convex and presents a range of exciting strategic opportunities.”
Brand added, “We are delighted to continue our productive partnership with Onex and to begin a new relationship with AIG. This transaction positions us better than ever to service our clients and brokers and take advantage of future market opportunities.”
Onex, which has supported Convex since its inception through private equity funds and its balance sheet, will now become the company’s majority owner. Onex CEO Bobby Le Blanc praised Convex’s rapid ascent in the specialty insurance sector and welcomed AIG as a strategic investor, noting the partnership’s potential to deliver sustainable growth and strong underwriting returns.
In addition to its investment in Convex, AIG will acquire a 9.9% stake in Onex Corporation for approximately $646 million and will invest $2 billion over three years in a range of Onex’s investment funds, gaining preferred access to the asset manager’s offerings. Onex, headquartered in Toronto, manages $55.9 billion in assets, including $8.4 billion of its own capital, and holds positions in various specialized insurance platforms.
Both transactions are expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. Financial advisors for the deal included Morgan Stanley, Evercore, and JP Morgan, with legal counsel provided by Wachtell, Lipton, Rosen & Katz, Debevoise & Plimpton, Weil, Gotshal & Manges, Latham & Watkins, and others.
Zaffino summed up the strategic rationale: “These investments are a great use of our capital with no operational, technical, or integration risks. Together, we expect these investments in Convex and Onex to be accretive to AIG’s earnings and return on equity in the first year post closing.”
