Onex and AIG acquire Convex
Torys acted as Canadian counsel to Onex with a team that included Adrienne DiPaolo, Adam Ibrahim, Christopher Tworzyanski and Madeleine Beaudry (corporate/securities), Craig Maurice and Benjamin Mann (tax).
On February 6, 2026, Onex Corporation (“Onex”) announced the completion of a transformational investment and a new strategic relationship with American International Group, Inc. (“AIG”) to accelerate growth and drive enterprise value creation.
Onex and AIG entered into an agreement, dated October 30, 2025, to jointly acquire the entire interest held by Onex Partners V and its co-investors in Convex Group Limited (“Convex”) for C$7 billion. Following completion of the acquisition, Onex and AIG each own approximately 63% and 35% of Convex, respectively, with the remainder held by Convex’s management team.
AIG’s agreement to subscribe in the subordinate voting shares of Onex was made concurrent with the closing of the acquisition, and was used by Onex to finance the acquisition of Convex. Totalling proceeds of C$646 million, on completion AIG owns a 9.9% equity stake in Onex. AIG also made capital commitments of C$2 billion to strategies managed by Onex over a three-year period, driving a significant benefit to Onex’ fee-related earnings.
AIG entered into an investor rights agreement that, among other things, includes a minimum three-year lock-up on the shares acquired, customary standstill provisions and the right to nominate a director to Onex’ board and who will be mutually agreed upon by Onex and AIG.
Further information can be found on GlobeNewswire’s website and on businesswire.com.
Convex is an international specialty insurer and reinsurer focused on complex specialty risks across a diverse range of business lines. It occupies a unique position in the insurance industry combining unrivalled experience, reputation and a legacy free balance sheet.
Onex invests and manages capital on behalf of its shareholders and clients across the globe. In total, it has approximately C$55.9 billion in assets under management, of which C$8.4 billion is Onex’s own investing capital.
AIG is a leading global insurance organization. It provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.