"The multi-pronged deal remains under regulatory review and is expected to close in the first half of 2026. The first stage of the deal includes a $3 billion commitment followed by an additional $2 billion investment to be deployed over the next three years. Sources close to the deal told Fortune the move reflects AIG CEO Peter Zaffino's determination to reposition the insurance giant as a more dynamic, capital-aligned institution."
"The terms of the Convex deal, those privy to the negotiations told Fortune, include an initial $2.2 billion commitment to acquire a 35% in Convex Group, the specialty insurer known for underwriting complex risks. In parallel, AIG will further invest about $640 million for a 9.9% stake in Onex, Convex's majority shareholder. Post-transactions, Onex will own 63% of Convex, and AIG will hold minority interests in both entities."
AIG will invest nearly $5 billion in specialty insurer Convex Group and asset manager Onex, structured as an initial $3 billion commitment followed by $2 billion deployed over three years. The multi-pronged deal remains under regulatory review and is expected to close in the first half of 2026. Deal terms include a $2.2 billion purchase for a 35% stake in Convex and roughly $640 million for a 9.9% stake in Onex, leaving Onex with 63% ownership and AIG as a minority investor. Convex has grown since 2019 to over $5 billion in premiums, posts an 87.6% combined ratio, and reports a 17% return on equity; shareholder equity sits at $3.67.
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