Overview
- Onex will own 63% of Convex and AIG 35%, with the remainder held by Convex management once the transaction closes.
- AIG will purchase 9.9% of Onex for about US$600 million and commit US$2 billion to Onex-managed funds over three years.
- The transactions were announced Thursday and are subject to regulatory review, with closing expected in the first half of 2026.
- The parties are also pursuing a whole-account quota share reinsurance arrangement between AIG and Convex.
- Convex focuses on complex specialty risks and expects around US$6 billion in gross premiums this year, building on strong underwriting performance reported in recent years.