American International Group (AIG) has completed the acquisition of strategic minority stakes in Convex Group, a privately held global specialty insurer, and Onex Corporation, a publicly listed global asset manager.
Under the transactions, AIG acquired an approximately 35% equity interest in Convex for about $2.1bn and a 9.9% stake in Onex for roughly $642m.
Following the deal, Onex has become the majority shareholder of Convex with a 63% ownership interest.
The investments form part of AIG’s longer-term strategic positioning. Separately, AIG began participating in a whole account quota share arrangement for Convex’s business from 1 January 2026, with planned increases in cessions in 2027 and 2028.