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AIG Announces Long-Term Strategic Investment in Top-Performing Global Specialty Insurer Convex Group and an Equity Stake in Global Asset Manager Onex Corporation
AIG will acquire a 35% equity interest in Convex Group, a leading global specialty insurer with e...
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[{"type":"text","content":"AIG Announces Long-Term Strategic Investment in Top-Performing Global Specialty Insurer Convex Group and an Equity Stake in Global Asset Manager Onex Corporation\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n\n\n AIG will acquire a 35% equity interest in Convex Group, a leading global specialty insurer with exceptional underwriting capabilities\n \n\n\n\n\n\n AIG will participate in a whole account quota share of Convex’s business from January 1, 2026\n \n\n\n\n\n\n In addition, AIG will acquire a 9.9% ownership stake in Onex Corporation, a global asset management company\n \n\n\n\n\n\n In conjunction with AIG’s investment in Convex Group, Onex Corporation will become the majority shareholder in Convex with a 63% ownership interest\n \n\n\n\n\n\n AIG will invest up to $2 billion in Onex investment funds, consistent with its investment guidelines, supporting the evolution of AIG’s investment portfolio to higher yielding assets with preferred access\n \n\n\n\n\n\n Both strategic investments are expected to be accretive to AIG’s earnings and return on equity in the first year post closing\n \n\n\n\n\n\n American International Group, Inc. (NYSE: AIG) today announced strategic investments in Convex Group Limited, a privately held, global specialty insurer, and Onex Corporation (TSE: ONEX), a global asset manager. Upon closing, AIG will hold minority stakes in each company, giving AIG the opportunity to participate in Convex’s growth and invest in Onex’s high-performing investment funds.\n \n\n Founded in 2019, Convex Group is a privately held global specialty insurer with a risk profile that is complementary to AIG. AIG will acquire a 35% equity interest in Convex Group for approximately $2.1 billion. As part of the transaction, AIG will participate directly in the insurer’s underwriting portfolio through a whole account quota share structure. AIG will appoint two mutually agreed upon directors to Convex’s Board of Directors.\n \n\n “This is a very unique opportunity to invest in a top-performing global specialty company that we believe will drive incremental earnings growth for AIG,” said Peter Zaffino, Chairman & CEO, AIG. “AIG’s investment reflects our confidence in Convex&#...