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In a strategic move signaling its growing dominance in specialty insurance, American International Group Inc. (AIG) announced Thursday that it will acquire a 35% stake in Convex Group Ltd. — a Bermuda-based specialty underwriter — for a staggering $2.1 billion. The transaction, guided by top legal powerhouses, places Convex’s total valuation at $7 billion and solidifies AIG’s presence in niche insurance markets.

The acquisition will allow AIG to directly participate in Convex’s underwriting portfolio through a “whole account quota share structure,” enabling the insurer to share premiums, losses, and expenses with Convex. As part of the deal, AIG will also appoint two directors to Convex’s board.

“This is a unique opportunity to invest in a top-performing global specialty company that we believe will drive incremental earnings growth for AIG,” said Peter Zaffino, AIG’s chair and CEO.

Elite Legal Teams Drive the Multi-Billion-Dollar Agreement

The high-profile transaction united some of the world’s most prestigious law firms.
Debevoise & Plimpton LLP represented AIG, led by insurance M&A partners Marilyn Lion and Paulina Stanfel.
Wachtell, Lipton, Rosen & Katz guided AIG with partners Edward D. Herlihy, David K. Lam, and Mark A. Stagliano at the helm.

Meanwhile, Weil, Gotshal & Manges LLP advised Convex Group with a team spearheaded by corporate partner Murray Cox, alongside finance partners Chris McLaughlin and Alex Eagle, and antitrust expert Jenine Hulsmann.

Kirkland & Ellis LLP represented Convex’s founding partners on the sale to AIG and Onex, with a team including Alvaro Membrillera, Adrian Duncan, and Doug Bacon.
On the financial side, Morgan Stanley served as adviser to AIG, while Evercore and Goldman Sachs advised Convex and Onex, respectively.

AIG’s Dual Investment: Convex and Onex

In tandem with the Convex deal, AIG also revealed plans to acquire a 9.9% stake in Canadian investment manager Onex Corp. for $646 million.
Onex, Convex’s primary shareholder, recently expanded its ownership to 63% before the AIG transaction.

Under the agreement, AIG will appoint one director to Onex’s board and invest $2 billion over three years into Onex’s investment funds.
Latham & Watkins LLP acted as legal counsel to Onex.

Headquartered in Toronto and managing $55.9 billion in assets, Onex holds strong positions in specialized insurance platforms, making it a key strategic ally for AIG’s expansion goals.

A Global Insurance Shift on the Horizon

Convex, with offices in London, Guernsey, and Luxembourg, is renowned for underwriting complex specialty risks — from aerospace and fine art to political risk.
The move grants AIG deeper access to lucrative global markets where specialized coverage is in growing demand.

Pending regulatory approvals, the transactions are expected to close by June 2026 — marking what could be one of the most transformative deals in the insurance industry this decade.