AIG acquires minority ownership stake in specialist insurer in deal worth over £1bn

AIG has completed the acquisitions of minority ownership stakes in Convex Group and Onex Corporation.

Founded in 2019, Convex is a privately held global specialty insurer that has operations in London, Europe and Bermuda.

Onex, meanwhile, is a publicly traded, global alternative asset management firm that holds positions in various specialised insurance platforms.

AIG has acquired a 35% equity interest in Convex for approximately $2.1bn (£1.6bn) and a 9.9% ownership stake in Onex for around $642m (£490m).

In conjunction with AIG’s investment in Convex, Onex has become the majority shareholder in Convex with a 63% ownership interest.

Peter Zaffino, chairman and chief executive at AIG, said: “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.”

’Milestone’

AIG began participating in a whole account quota share of Convex’s business beginning 1 January 2026 and will increase cessions in 2027 and 2028.

Paul Brand, chief executive at Convex, said: “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.”