- AIG is investing nearly $5 billion in specialty insurer Convex Group and asset manager Onex Corporation and its investment funds, a move insiders say reflects CEO Peter Zaffino’s drive to transform the legacy insurer into a more agile, capital-aligned powerhouse.
AIG is set to make a multibillion-dollar investment in the specialty insurer Convex Group and asset manager Onex Corporation. The multi-pronged deal remains under regulatory review and is expected to close in the first half of 2026. The first stage of the deal includes a $3 billion commitment followed by an additional $2 billion investment to be deployed over the next three years. Sources close to the deal told Fortune the move reflects AIG CEO Peter Zaffino’s determination to reposition the insurance giant as a more dynamic, capital-aligned institution. AIG’s Convex deal comes days after the insurance company announced a separate $2 billion acquisition deal with reinsurance company Everest Group.
