AIG, Onex and Convex Group have secured regulatory approval for a new ownership structure of Convex led by Onex Corporation and AIG.

Under the terms of the agreement, first announced on 30th October 2025, Onex now holds a 63% equity stake in Convex, with AIG taking a 35% stake.

AIG invested approximately US$2.1bn for its minority stake.

Stephen Catlin, chairman of Convex, said: “We are delighted to announce the completion of this transaction, which secures the long-term independence of Convex and presents a range of exciting strategic opportunities. We would like to thank the regulators for their constructive engagement throughout the process and our financial and legal advisers for their efforts.”

AIG has also taken a 9.9% ownership stake in Onex for approximately US$642m.

Peter Zaffino, chairman and chief executive officer at AIG, commented: “We could not be more pleased to announce the completion of our minority ownership stakes in Convex and Onex and are confident that these long-term investments will continue to strategically position AIG for growth in the future and will be accretive to AIG’s earnings and return on equity in 2026 and in future years.”

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