AIG, Onex Corporation and Convex have completed a sweeping deal that gives Onex a 63% controlling stake in the specialty insurer, AIG a roughly 35% minority stake and a 9.9% holding in Onex, and establishes a broader long-term strategic partnership including reinsurance and capital commitments.
Pursuant to the previously announced transactions, AIG has acquired a 35% equity interest in Convex for approximately $2.1 billion and a 9.9% ownership stake in Onex for approximately $642 million, having subscribed for 7.5 million subordinate voting shares.
In conjunction with AIG’s investment, Onex has become the majority shareholder in Convex with a 63% ownership interest as part of the $7 billion transaction, with Convex set to become a core platform for Onex alongside its private equity and credit businesses.
AIG will also commit $2 billion to Onex’s private equity and credit strategies over the next three years.
Peter Zaffino, Chairman & Chief Executive Officer, AIG, commented, “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.”
Onex CEO Bobby Le Blanc said, “This is a pivotal moment in Onex’s history, and the addition of Convex positions us well for accelerated value creation and earnings growth.
“What the Convex team has achieved in just seven years since they founded the business is remarkable, and I am confident that considerable upside lies ahead.
“With world-class underwriting talent, low asset leverage, an advanced technology platform and a low-cost operating model, there is significant room for growth and profit expansion as the business continues to scale.
“We look forward to working with our co-investor AIG, one of the world’s leading insurance organisations, to achieve the full potential of our strategic relationship and maximise value for all Onex shareholders.”
Stephen Catlin, Chairman of Convex, added, “We are delighted to announce the completion of this transaction, which secures the long-term independence of Convex and presents a range of exciting strategic opportunities. We would like to thank the regulators for their constructive engagement throughout the process and our financial and legal advisers for their efforts.”
Paul Brand, CEO of Convex, noted, “This is a milestone for Convex. The transaction heralds the next phase of our development, strengthens our partnership with Onex, establishes a new relationship with AIG, and further enhances our ability to serve clients and brokers while pursuing future opportunities.”
