AIG joins Convex’s new ownership structure led by Onex Corporation

Core Viewpoint - Convex Group Limited has established a new long-term ownership structure with Onex Corporation acquiring a 63% stake and AIG becoming a strategic minority investor with a 35% equity interest [1][2]. Ownership Structure - Onex Corporation will hold a leading 63% stake in Convex, while AIG will have a 35% equity interest as a strategic minority investor [1][2]. - Founding equity investors, excluding management, will sell their stakes, valuing Convex's common equity at $7 billion [2]. Strategic Investments - AIG will write a whole account quota share of Convex's business starting January 1, 2026, and will invest $2 billion over three years in Onex's diversified investment funds [2][3]. - AIG will acquire a 9.9% ownership stake in Onex Corporation for approximately $646 million [2]. Business Performance - Convex has achieved annual premium income of up to $6 billion and operates in various global jurisdictions, establishing itself as a major player in specialty insurance and reinsurance [4]. - The leadership and underwriting capabilities of Convex have been endorsed through this new relationship [3][5]. Management and Future Outlook - Both Onex and AIG will have representation on the Convex board, but Convex will maintain its independent strategy and underwriting approach [3]. - The transaction is expected to secure the long-term independence of Convex and present strategic opportunities for growth [5][6]. - AIG's investment reflects confidence in Convex's ability to deliver strong returns and sustained revenue growth [10][12].