AIG finalises minority stakes in Convex and Onex

American International Group (AIG) has completed number investments successful Convex Group and Onex Corporation, concluding transactions announced successful October.

Under the agreements, AIG bought astir 35% of Convex for astir $2.1bn and acquired a 9.9% holding successful Onex for astir $642m.

The Convex woody leaves Onex arsenic bulk proprietor with a 63% interest.

From 1 January 2026, AIG began taking portion successful a full relationship quota stock of Convex’s underwriting portfolio, with plans to grow the measurement ceded during 2027 and 2028.

Founded successful 2019, Convex operates arsenic a planetary speciality insurer, and the quota stock gives AIG nonstop vulnerability to its underwriting activity.

Governance arrangements were besides acceptable out.

AIG volition beryllium entitled to nominate 2 directors to Convex’s board, taxable to communal statement betwixt the parties.

Onex, based successful Toronto, Canada, oversees astir $55.9bn successful assets, including $8.4bn of proprietary capital.

AIG volition name 1 mutually agreed manager to the Onex committee and has committed to put $2bn implicit 3 years into a enactment of Onex-managed funds, with preferred entree rights.

Together, the transactions formalise AIG’s number positions successful some companies and outline committee representation, underwriting information and aboriginal money commitments.

AIG president & CEO Peter Zaffino said: “We could not beryllium much pleased to denote the completion of our number ownership stakes successful Convex and Onex and are assured that these semipermanent investments volition proceed to strategically presumption AIG for maturation successful the aboriginal and volition beryllium accretive to AIG’s net and instrumentality connected equity successful 2026 and successful aboriginal years.”

Separately, AIG past period entered into an confederation with CVC to backmost its concern strategy, focusing connected insurance-linked solutions and backstage marketplace opportunities.

The concern includes the motorboat of important separately managed accounts operating nether CVC’s recognition strategies, alongside a caller evergreen level for backstage equity secondaries successful which AIG volition enactment arsenic cornerstone investor.

"AIG finalises number stakes successful Convex and Onex" was primitively created and published by Life Insurance International, a GlobalData owned brand.

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