AIG Expands Strategic Footprint with Minority Stake Acquisitions

On February 6, 2026, American International Group, Inc. (NYSE: AIG) announced the successful completion of two significant acquisitions: minority ownership stakes in Convex Group Limited and Onex Corporation. This strategic maneuver is poised to enhance AIG’s positioning in the global insurance and asset management markets, signaling a robust growth trajectory for the company.

In a move that underscores its commitment to long-term growth, AIG has acquired approximately 35% equity interest in Convex for around $2.1 billion. Additionally, the company has secured a 9.9% ownership stake in Onex for approximately $642 million. These investments not only bolster AIG's portfolio but also establish a stronger alliance with these two influential players in their respective industries.

With AIG's investment, Onex has emerged as the majority shareholder in Convex, now holding a 63% ownership interest. This consolidation is expected to foster a collaborative environment that can leverage the strengths of both companies to drive innovation and operational efficiency.

Peter Zaffino, Chairman and Chief Executive Officer of AIG, expressed his enthusiasm regarding these acquisitions. He stated, “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.” Zaffino’s confidence highlights AIG's strategic foresight in making investments that align with its growth objectives.

As part of the partnership with Convex, AIG has also initiated participation in a whole account quota share of Convex’s business, effective January 1, 2026. This collaboration is set to expand further, with plans to increase cessions in the subsequent years of 2027 and 2028. This strategic engagement is expected to enhance AIG's insurance capabilities and broaden its market reach.

This significant transaction was facilitated by Morgan Stanley & Co. LLC, which acted as the financial advisor to AIG. Complementing this, esteemed law firms Wachtell, Lipton, Rosen & Katz and Debevoise & Plimpton LLP provided legal counsel, ensuring that AIG's interests were well-protected throughout the acquisition process.

AIG’s strategic minority stake acquisitions in Convex and Onex mark a pivotal moment for the company as it seeks to strengthen its competitive edge in the insurance and asset management sectors. With a clear focus on long-term growth and enhanced operational capabilities, AIG is well-positioned to navigate the complexities of the global market. Investors and industry stakeholders alike will be keenly observing how these investments translate into tangible benefits for AIG in the coming years.