Onex and AIG buying insurance company Convex Group in US$7B deal

The Onex Corp. logo is displayed at the company's annual general meeting in Toronto on May 10, 2012. THE CANADIAN PRESS/Nathan Denette

TORONTO — Onex Corp. and American International Group Inc. have signed an agreement to buy Convex Group Ltd., a specialty property and casualty insurance and reinsurance business, for US$7 billion.

The deal will also see AIG acquire a 9.9 per cent stake in Onex for about US$600 million and commit US$2 billion to strategies managed by Onex over a three-year period.

The companies said Onex will own 63 per cent of Convex, while AIG will own 35 per cent, with the balance owned by the Convex management team.

Onex was a founding investor in Convex in 2019 through one of its buyout funds and plans to roll over its existing interest in the firm as part of the US$3.8 billion it is paying for its stake.

Following the completion of the deal, the private equity firm says Convex is expected to account for 42 per cent of Onex’s investing capital and become a key contributor to future shareholder value creation.

Onex chief executive Bobby Le Blanc called the deal “a logical and foundational step forward.”

This report by The Canadian Press was first published Oct. 30, 2025.