AIG, Onex Corperation and Convex have completed a comprehensive transaction that will give Onex a 63% controlling interest in the specialty insurance company, with AIG holding an approximately 35% minority stake and a 9.9% stake in Onex, and a broader long-term strategic partnership, including reinsurance and capital commitments.
Under previously announced transactions, AIG acquired a 35% stake in Convex for approximately $2.1 billion and a 9.9% stake in Onex for approximately $642 million, and subscribed for 7.5 million subordinate voting shares.
Combined with AIG’s investment, as part of the $7 billion deal, Onex has become the majority shareholder in Convex, with a 63% ownership interest, and Convex will become Onex’s core platform alongside its private equity and credit businesses.
AIG will also invest $2 billion over the next three years in Onex’s private equity and credit strategies.
AIG Chairman and CEO Peter Zaffino commented: “We are very pleased to announce the completion of the acquisition of minority interests in Convex and Onex and believe these long-term investments will continue to strategically position AIG for future growth and will increase AIG’s earnings and return on equity in 2026 and in the years to come.”
Onex CEO Bobby Le Blanc said: “This is a critical moment in Onex’s history and the addition of Convex enables us to accelerate value creation and profitable growth.
“The Convex team has achieved impressive results in just seven years since its inception, and I believe there is considerable room for growth in the future.
“With world-class underwriting talent, low asset leverage, advanced technology platforms and a low-cost operating model, there is huge 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 institutions, to realize the full potential of our strategic relationship and maximize value for all Onex shareholders.”
Convex Chairman Stephen Catlin added: “We are pleased to announce the completion of this transaction, which secures Convex’s long-term independence and provides an exciting range of strategic opportunities. We would like to thank the regulators for their constructive engagement throughout the process, as well as the efforts of our financial and legal advisors.”
Convex CEO Paul Brand said: “This is a milestone for Convex. This transaction heralds the next phase of our growth, strengthening our partnership with Onex, establishing a new relationship with AIG and further enhancing our ability to serve clients and brokers as we pursue future opportunities.”