’This is a very unique opportunity to invest in a top-performing global specialty company,’ says chief executive
AIG has announced that it will acquire a 35% stake in Convex Group for approximately £1.6bn ($2.1bn).
Founded in 2019, Convex Group is a privately held global specialty insurer that has operations in London, Europe and Bermuda. It was founded by Stephen Catlin, who serves as chairman, and Paul Brand, who holds the role of chief executive.
As part of the transaction, AIG will participate directly in the insurer’s underwriting portfolio through a whole account quota share structure. AIG will also appoint two mutually agreed upon directors to Convex Group’s board of directors.
“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,” said Peter Zaffino, chairman and chief executive at AIG.
“AIG’s investment reflects our confidence in Convex Group’s ability to consistently deliver outstanding results, strong returns and sustained revenue growth.
”I have followed the Convex story closely since the company’s formation in 2019 and I have known its founders for over 20 years. I have deep respect for their expertise, leadership and the culture they have built.
“Catlin and Brand have earned a reputation for building exceptional underwriting teams and this is reflected in the company’s impressive performance. Through this strategic relationship, AIG will support their continued independent management of Convex.”
Other deal
AIG will also acquire a 9.9% ownership stake in Onex Corporation for approximately £490m ($646m).
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Headquartered in Toronto, Onex Corporation is a publicly traded, global alternative asset management firm that holds positions in various specialised insurance platforms. It is currently the primary shareholder in Convex Group and is set to take a 63% share in the insurer as part of the deal.
All transactions are expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions.
Zaffino said: ”I am pleased that Onex has committed to increasing its ownership share of Convex, preserving Convex’s independence for the long-term.
”AIG will also benefit from preferred access to Onex’s world-class investment funds.
“These strategic investments are a great use of our capital with no 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.”
Brand added: “This is a hugely exciting development for Convex.
”The Convex team have worked incredibly hard over the last six years to build a world-renowned insurance company and we see this transaction as the start of the next chapter in our journey.
”We are delighted to continue our productive partnership with Onex and that it has decided to make this considerable investment from its own balance sheet. We are also excited to begin a new relationship with AIG. This transaction positions us better than ever to service our clients and brokers and take advantage of future market opportunities.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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