AIG Makes Strategic Investments in Convex Group and Onex Corporation

American International Group, Inc. (AIG), a leading global insurance organization, has announced a significant strategic investment in two prominent financial entities: Convex Group Limited, a top-performing global specialty insurer, and Onex Corporation, a renowned global asset manager. This move, revealed in a press release dated October 30, 2025, marks a pivotal step for AIG as it seeks to enhance its growth and operational capabilities through minority stakes in both companies.

AIG has committed approximately $2.1 billion to acquire a 35% equity interest in Convex Group, a privately held insurer that has been making waves in the specialty insurance market since its inception in 2019. This investment not only solidifies AIG's position in the specialty insurance sector but also allows the company to directly participate in Convex's underwriting portfolio via a whole account quota share structure.

Peter Zaffino, AIG's Chairman and CEO, expressed strong confidence in Convex's potential for sustained revenue growth and impressive performance. "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," Zaffino stated. He highlighted his long-standing relationship with Convex's founders, Stephen Catlin and Paul Brand, both of whom have established reputations for building exceptional underwriting teams.

As part of this investment, AIG will appoint two mutually agreed-upon directors to Convex's Board of Directors, ensuring a collaborative governance structure that supports the company's independent management while leveraging AIG's resources and expertise.

Zaffino further emphasized the strategic nature of this investment, stating, “Through this strategic relationship, AIG will support Stephen and Paul’s continued independent management of Convex.” AIG's financial flexibility and commitment to a whole account quota share structure will enable it to benefit from Convex's profitable portfolio, which is expected to exhibit significant growth potential.

In addition to its investment in Convex, AIG will also acquire a 9.9% ownership stake in Onex Corporation, valued at approximately $646 million. Onex, headquartered in Toronto, is a publicly traded firm with a robust portfolio in alternative asset management, holding approximately $55.9 billion in assets under management.

Under the terms of this investment, AIG will appoint a mutually agreed-upon director to Onex's Board of Directors and will allocate $2 billion over the next three years to invest in a diversified set of Onex's investment funds, gaining preferred access to its high-performing investment strategies.

Zaffino commented on this strategic alignment, noting, “With Onex Corporation, Convex’s primary shareholder, we are building a strategic relationship with an outstanding team, led by CEO Bobby Le Blanc.” He expressed confidence that this partnership will not only benefit AIG through preferred access to Onex's investment funds but also support Convex's independence and growth trajectory.

Both transactions are expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions. Zaffino believes these investments represent a strategic use of AIG’s capital, free from operational, technical, or integration risks. “Together, we expect these investments in Convex and Onex to be accretive to AIG’s earnings and return on equity in the first year post closing,” he affirmed.

With these strategic investments, AIG is poised to bolster its growth and enhance its market presence in the specialty insurance and asset management sectors. The collaboration with Convex Group and Onex Corporation reflects AIG's commitment to driving long-term value and shareholder returns through strategic partnerships aimed at harnessing high-potential growth opportunities.