Onex and AIG to acquire Convex
Torys is acting 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 October 30, 2025, Onex Corporation (“Onex”) announced 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 have entered into an agreement 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 the acquisition, Onex and AIG will 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 will be made concurrent with the closing of the acquisition, and will be used by Onex to finance the acquisition of Convex. Totalling proceeds of C$646 million, on completion AIG will own a 9.9% equity stake in Onex. AIG will also make 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 will enter 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.
Both transactions are expected to close in the first half of 2026, subject to customary regulatory approvals.
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.