The Canadian investment company Onex Corp. and the American insurance company American International Group Inc. (AIG) have entered into an agreement to acquire the Convex Group for $7 billion. This is reported in the Onex press release.
The multilateral deal is under review by the regulatory authorities. The first stage of the transaction involves the acquisition of 35% of the shares of the Convex Group for $2.2 billion. At the same time, AIG is investing $640 million to buy out 9.9% of the shares of Onex's main shareholder and an additional $2 billion in Onex funds over three years.
The transaction is expected to be completed in the first half of 2026. After closing all transactions, Onex will own 63% of the shares of Convex, AIG — 35%, and the remaining share will remain owned by the management of Convex, with a net value of $3.67 billion. In addition, the company has raised more than $3 billion from investors.
The transactions demonstrate the close cooperation between insurance companies and alternative asset managers. Onex is restructuring to reduce debt obligations and plans to resume fundraising for its flagship private equity fund in 2026. Onex previously sold a 25% stake in WestJet, Canada's second-largest airline, returning all invested capital and retaining 75% of the shares.
Convex Group Limited is a multinational specialized insurance and reinsurance company in the field of property and accident insurance in the UK and Europe. In 2025, Convex plans to collect $6 billion in insurance premiums. The headquarters is located in London (England).
Onex Corporation is a Canadian insurance and investment management company. The company owns a minority stake in American brokers OneDigital and USI Insurance Services. It is headquartered in Toronto (Canada) with offices in New York, Boston (Massachusetts) and London (UK). The company manages assets worth $56 billion.
American International Group, Inc. (AIG) is an American multinational insurance and financial corporation with offices in 80 countries. AIG offers products and services to individuals, businesses, and institutional clients. The headquarters is located in New York City. The company manages assets worth $161 billion.
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