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.
