NEW YORK, February 7, 2026
Executive Summary
American International Group, Inc. has completed the acquisitions of strategic minority ownership stakes in Convex Group Limited and Onex Corporation, marking a significant capital deployment aligned with AIG’s long-term underwriting, reinsurance, and asset management strategy. Under the completed transactions, AIG acquired an approximately 35% equity interest in Convex for approximately $2.1 billion and a 9.9% ownership stake in Onex for approximately $642 million. As part of the transaction structure, Onex became the majority shareholder in Convex with a 63% ownership interest. According to the company, these investments are expected to support AIG’s earnings and return on equity beginning in 2026 while strengthening strategic alignment across underwriting, capital management, and alternative asset management. The announcement also confirms AIG’s participation in a whole account quota share of Convex’s business beginning January 1, 2026, with planned increases in cessions in 2027 and 2028.
Announcement Overview
American International Group, Inc. announced that it has completed previously disclosed transactions to acquire minority equity ownership stakes in two separate but strategically aligned businesses: Convex Group Limited, a privately held global specialty insurer, and Onex Corporation, a publicly traded global asset manager. The transactions represent a coordinated capital investment and strategic partnership structure involving underwriting, reinsurance participation, and long-term asset management alignment.
Under the completed arrangements, AIG acquired an approximately 35% ownership interest in Convex for approximately $2.1 billion. Concurrently, AIG acquired a 9.9% ownership stake in Onex for approximately $642 million. In conjunction with AIG’s investment in Convex, Onex became the majority shareholder of Convex with a 63% ownership interest, establishing a shared ownership structure among the three parties.
According to AIG, the transactions are designed as long-term strategic investments rather than short-term financial positions. The company stated that the investments are expected to be accretive to earnings and return on equity beginning in 2026 and in future years, while also supporting AIG’s underwriting strategy through reinsurance participation.
The completion of the acquisitions follows regulatory approvals and customary closing conditions and formalizes a multi-faceted relationship between AIG, Convex, and Onex across insurance underwriting, reinsurance risk sharing, and capital management.
Key Announcement Details
- Transaction type: Completion of strategic minority equity investments
- Acquirer: American International Group, Inc.
- Target companies: Convex Group Limited; Onex Corporation
- Convex ownership acquired by AIG: Approximately 35%
- Purchase price for Convex stake: Approximately $2.1 billion
- Onex ownership acquired by AIG: 9.9%
- Purchase price for Onex stake: Approximately $642 million
- Post-transaction Convex ownership: Onex 63%, AIG approximately 35%
- Reinsurance participation: AIG whole account quota share effective January 1, 2026
- Planned quota share increases: 2027 and 2028
- Financial advisor to AIG: Morgan Stanley & Co. LLC
- Legal counsel to AIG: Wachtell, Lipton, Rosen & Katz; Debevoise & Plimpton LLP
Strategic Context
According to the company, the completion of these transactions reflects AIG’s continued focus on optimizing its capital structure, underwriting portfolio, and long-term earnings profile through strategic partnerships rather than outright acquisitions. The investments in Convex and Onex align AIG with a specialty underwriting platform and a global asset manager, respectively, creating multiple points of strategic engagement across the insurance value chain.
Convex operates as a global specialty insurer with a focus on complex commercial and specialty risks. AIG stated that participation in Convex through both equity ownership and a quota share arrangement enables it to access diversified underwriting exposure while maintaining capital efficiency. The quota share arrangement allows AIG to participate directly in Convex’s underwriting results without assuming full operational control.
The investment in Onex establishes a minority ownership position in a publicly traded alternative asset manager with global private equity, private credit, and insurance-related investment activities. According to AIG, this investment supports alignment with Onex’s asset management capabilities and long-term capital deployment strategy.
The coordinated structure, in which Onex holds a majority stake in Convex and AIG participates as both an equity owner and reinsurance partner, reflects a deliberate approach to balancing risk participation, governance influence, and capital returns.
Capital Deployment and Ownership Structure
The completed transactions involve aggregate capital deployment by AIG of approximately $2.742 billion. Of this amount, approximately $2.1 billion was allocated to the acquisition of the Convex equity interest, while approximately $642 million was allocated to the acquisition of the Onex ownership stake.
According to the company, the ownership structure was designed to align incentives among the parties while preserving Convex’s operational independence. Onex’s majority ownership position positions it as the controlling shareholder of Convex, while AIG’s minority position provides meaningful economic participation and strategic alignment without assuming control responsibilities.
AIG stated that its ownership interests are accounted for as long-term strategic investments and are expected to contribute to earnings through a combination of equity income, underwriting participation via the quota share, and potential appreciation in equity value over time.
Reinsurance Participation and Underwriting Alignment
In addition to the equity investment, AIG confirmed that it began participating in a whole account quota share of Convex’s business beginning January 1, 2026. Under this arrangement, AIG assumes a defined share of Convex’s underwriting risk and corresponding premiums and losses across its portfolio.
According to AIG, the quota share participation is structured to increase over time, with planned increases in cessions scheduled for 2027 and 2028. This phased approach allows AIG to scale its participation in line with Convex’s underwriting performance and portfolio growth.
The company stated that this structure supports disciplined capital deployment and risk diversification while maintaining underwriting standards and governance controls. The quota share participation also aligns AIG’s interests directly with Convex’s underwriting outcomes.
Leadership Commentary
Peter Zaffino, Chairman and Chief Executive Officer of AIG, said, “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.”
Financial and Advisory Considerations
Morgan Stanley & Co. LLC served as financial advisor to AIG in connection with the transactions. Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP acted as legal counsel for AIG.
According to the company, the transactions were evaluated based on long-term strategic fit, expected financial returns, capital efficiency, and alignment with AIG’s underwriting and investment objectives.
Positioning Within AIG’s Broader Strategy
AIG stated that the completed transactions are consistent with its broader strategy to focus on core insurance operations while leveraging partnerships to enhance underwriting returns and capital efficiency. Rather than pursuing full acquisitions, AIG has emphasized selective minority investments and structured risk-sharing arrangements that complement its global insurance platform.
The company indicated that partnerships with specialty insurers and asset managers allow it to access diversified risk and investment opportunities while maintaining balance sheet flexibility. The Convex and Onex investments are positioned within this framework as long-term relationships rather than transactional investments.
Market Environment Considerations
According to the company, the specialty insurance and reinsurance markets continue to evolve amid changing risk profiles, capital availability, and regulatory environments. Specialty insurers such as Convex operate in segments that require deep underwriting expertise, disciplined risk selection, and access to global capital.
AIG stated that participating in these markets through structured partnerships allows it to benefit from underwriting opportunities while managing volatility and capital requirements. The phased quota share structure further supports measured exposure growth aligned with market conditions.
Governance and Risk Management
AIG indicated that appropriate governance, risk management, and compliance frameworks are in place to support both its equity investments and reinsurance participation. The company stated that its participation in Convex’s underwriting results is subject to established underwriting guidelines, portfolio monitoring, and risk controls.
The minority ownership positions do not involve day-to-day operational control, according to the company, and are structured to preserve independence while enabling strategic collaboration.
Long-Term Financial Impact
According to AIG, the investments are expected to be accretive to earnings and return on equity beginning in 2026. The company emphasized that the anticipated benefits are based on long-term performance rather than short-term market movements.
The combination of equity income, underwriting participation, and strategic alignment is intended to support sustainable value creation over time. AIG stated that it will continue to evaluate similar opportunities that align with its capital management and underwriting objectives.
About American International Group, Inc.
American International Group, Inc. was founded in 1919 and has grown into one of the world’s largest global insurance organizations. Headquartered in New York, AIG operates across more than 200 countries and jurisdictions through a network of subsidiaries, licenses, authorizations, and partner arrangements.
AIG provides a broad range of insurance solutions designed to help businesses and individuals manage risk and protect assets. Its operations span commercial and personal insurance lines, including property and casualty insurance, specialty insurance, and risk solutions for multinational clients.
As of recent reporting periods, AIG serves millions of commercial and individual customers globally and maintains a significant global workforce supporting underwriting, claims, and risk management operations. The company’s shares are publicly traded on the New York Stock Exchange under the ticker symbol AIG.
AIG operates through licensed insurance subsidiaries and affiliated entities, with products and services subject to underwriting requirements and jurisdictional availability. Certain coverages may be provided by surplus lines insurers, which do not participate in state guaranty funds.
AIG continues to focus on disciplined underwriting, capital optimization, and strategic partnerships to support long-term financial performance and risk management objectives.
Media Contacts
Quentin McMillan (Investors): quentin.mcmillan@aig.com
Leah Gerstner (Media): leah.gerstner@aig.com
Source Attribution
Source: Company announcement