“The agreement gives AIG the opportunity to participate in 7.5% of Convex's portfolio on January 1, 2026, and that will progressively increase to 10% by 2027 and 12.5% by 2028.”

In context

“ignificant potential for continued growth. Over the last 3 years, Convex delivered a 25% compound annual growth in gross premiums written and an 18% average return on equity, demonstrating the strength of their business model and ability to produce sustainable long-term value. Last week, AIG agreed to acquire a 35% equity interest in Convex, while Onex Corporation took a 63% ownership position to be held directly on their balance sheet rather than through one of their investment funds. In addition, to benefiting from the ongoing success of Convex through an equity investment, AIG will also participate in Convex's portfolio through a whole account quota share, which enables us to share directly in Convex's underwriting growth and expected profitability over the short, medium and long term. The agreement gives AIG the opportunity to participate in 7.5% of Convex's portfolio on January 1, 2026, and that will progressively increase to 10% by 2027 and 12.5% by 2028. The Convex transaction is expected to close in the first half of 2026. As part of our discussions with Convex management, we were presented with an opportunity to acquire a minority ownership stake in Onex Corporation. With headquarters in Toronto, Onex is a leading private equity and credit investor with $56 billion of assets under management and 120 investment professionals based across Canada, the U.S. and the U.K. Our strategic relationship with Onex presents a unique opportunity for AIG to partner through an equity investment with a global asset manager with a strong record of investing in the insurance sector. Onex has made a number of notable and highly successful strategic investments in specialized insurance platforms, including Convex, Ryan Specialty, OneDigital and USI. Let me”