American International Group has completed the acquisition of strategic minority stakes in Convex Group and Onex Corporation, tying balance sheet investments to a new reinsurance partnership on Convex's specialty re/insurance portfolio.
Under the deals, AIG has taken about a 35% equity interest on Convex for about $2.1 billion and a 9.9% ownership stake in Onex for roughly $642 million. Following completion, Onex has become the majority shareholder in Convex, holding a 63% stake.
Peter Zaffino, chairman and CEO of AIG, said the investments are intended to support long-term earnings and capital efficiency.
“We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex and are confident that these long-term investments will continue to strategically position AIG for growth in the future and will be accretive to AIG’s earnings and return on equity in 2026 and in future years,” he said.
Alongside the equity stakes, AIG began participating in a whole-account quota share of Convex's business from Jan. 1 and plans to increase cessions in 2027 and 2028.
The structure gives AIG access to diversified specialty risk and fee income while deploying capital through both equity and reinsurance, and provides Convex and its new majority owner, Onex, with an anchor reinsurance partner. It also further aligns AIG with Onex's asset management platform via the 9.9% stake in the Canadian-listed manager.
For AIG, the Convex and Onex stakes are aimed at expanding its role in global specialty re/insurance and alternative assets without a full takeover.
The related quota share with Convex allows the group to take on additional specialty risk in a more capital‑efficient way, adding fee and underwriting income from a diversified book while keeping catastrophe and tail exposures within its stated risk appetite.
Management is also signaling that the combination of equity holdings and reinsurance flows is expected to support returns on equity from 2026, adding a new stream of specialty‑linked profits alongside AIG’s established commercial and personal lines.
Meanwhile, the minority position in Onex further deepens AIG’s links to third‑party capital and private markets as it reshapes its investment portfolio and leans more heavily on asset‑management partnerships.
For the wider market, the deal highlights how major carriers are increasingly using minority stakes, quota shares and capital‑light structures to participate in specialty growth, and underscores the continued overlap between insurers, reinsurers and alternative capital.
Morgan Stanley & Co. LLC acted as financial adviser to AIG, while Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP served as legal counsel.
