Convex completes new ownership structure after regulatory approval as AIG also acquires 9.9% of Onex

Convex has completed the establishment of a new, long term ownership structure led by Onex Corporation, with American International Group (AIG) taking a significant minority stake.

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The transaction follows receipt of all regulatory approvals and formalises arrangements first announced in October 2025.

Under the deal, Onex increases its equity stake in Convex to 63%, while AIG acquires an approximately 35% stake for around $2.1bn.

In a parallel transaction, AIG has also acquired a 9.9% ownership stake in Onex for approximately $642m.

Stephen Catlin, chairman of Convex, said the deal secures the insurer’s future independence.

“We are delighted to announce the completion of this transaction, which secures the long-term independence of Convex and presents a range of exciting strategic opportunities,” Catlin said.

“We would like to thank the regulators for their constructive engagement throughout the process and our financial and legal advisers for their efforts,” he added.

Paul Brand, CEO of Convex, said the transaction marks the next stage in the company’s development.

“This is a milestone for Convex,” Brand said.

“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,” he added.

Peter Zaffino, chairman and CEO of AIG, said the investment forms part of AIG’s longer term growth strategy.

“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 said.

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

Evercore and JP Morgan acted as financial advisers to Convex, with Weil, Gotshal and Manges serving as legal advisers.

Morgan Stanley acted as financial adviser to AIG, with Wachtell, Lipton, Rosen and Katz and Debevoise and Plimpton providing legal counsel.

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