NEW YORK, October 30, 2025 – American International Group (AIG) said it will invest more than 2.7 billion to acquire stakes in specialty insurer Convex Group and asset manager Onex Corporation 1. The move positions AIG to benefit from Convex’s high-performing underwriting capabilities in a challenging insurance market.
Key Takeaways
- AIG buying 35% of Convex for 2.1 billion
- Additional 9.9% stake in Onex for 646 million
- Deal values Convex at approximately 7 billion total
Transaction Details
AIG will acquire a 35% equity interest in Convex Group for approximately 2.1 billion, while also purchasing a 9.9% stake in Onex Corporation for about 646 million 2. The deal values Convex at roughly 7 billion, with Onex taking a nearly 63% controlling stake and Convex management retaining the remainder 3.
As part of the transaction, AIG will participate directly in Convex’s underwriting portfolio through a quota share arrangement. AIG will also appoint two mutually agreed upon directors to Convex’s board 4.
Strategic Rationale
The investment allows AIG to tap into Convex’s specialty insurance expertise, particularly in areas like marine, energy, and property catastrophe coverage. Convex has built a reputation as a top-performing global specialty insurer with exceptional underwriting capabilities since its founding in 2019 5.
The partnership comes as traditional insurers seek to diversify their portfolios and access specialized underwriting talent. Specialty insurance markets have shown resilience amid broader economic uncertainty, making Convex an attractive target for strategic investors.
Market Context
The deal represents one of the largest insurance sector transactions this year, reflecting continued consolidation in the specialty insurance space. Private equity firms like Onex have increasingly targeted insurance assets, drawn by steady cash flows and growth potential in niche markets.
AIG’s investment strategy mirrors moves by other major insurers seeking to expand their specialty capabilities through partnerships and acquisitions. The company has been repositioning itself following years of restructuring after the 2008 financial crisis.
Financial Impact
The transaction is expected to enhance AIG’s earnings through its participation in Convex’s profitable underwriting results. However, AIG has not disclosed specific financial projections or timeline for the deal’s completion, which remains subject to regulatory approvals.
The investment also strengthens AIG’s relationship with Onex, potentially opening doors to future collaboration opportunities across the asset manager’s portfolio companies.
Not investment advice. For informational purposes only.
References
1(October 30, 2025). “AIG to Buy Stakes in Convex and Onex for More Than 2.7 Billion”. Bloomberg. Retrieved October 30, 2025.
2(October 30, 2025). “AIG Announces Long-Term Strategic Investment in Top-Performing Global Specialty Insurer Convex Group and an Equity Stake in Global Asset Manager Onex Corporation”. Business Wire. Retrieved October 30, 2025.
3(October 30, 2025). “AIG, Onex partner to buy specialty insurer Convex in 7 billion deal”. Reuters. Retrieved October 30, 2025.
4(October 30, 2025). “AIG Announces Strategic Investments In Convex Group, And Onex”. Nasdaq. Retrieved October 30, 2025.
5(October 30, 2025). “AIG announces investments in Convex and Onex”. Coverager. Retrieved October 30, 2025.