American International Group, Inc. (AIG) announced significant strategic investments in Convex Group Limited, a privately held global specialty insurer, and Onex Corporation, a global asset manager. AIG will acquire a 35% stake in Convex Group for approximately $2.1 billion.
Concurrently, Onex Corporation will acquire a 63% equity stake in Convex, valuing the specialty insurer at a $7 billion equity valuation. AIG's investment in Convex provides an opportunity to participate in the growth of a top-performing specialty insurer.
Additionally, AIG will subscribe for a 9.9% interest in Onex' subordinate voting shares for approximately $0.6 billion and commit $2 billion to Onex-managed strategies over a three-year period. These strategic relationships are expected to accelerate profitability, drive enterprise growth, and enhance AIG's access to world-class investment funds.
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