American International Group has announced plans to acquire a 35 per cent equity interest in Bermudian-based Convex Group, marking a major strategic investment in the island’s reinsurance market.

The deal, valued at approximately $2.1 billion, will make AIG a major shareholder in the global speciality insurer founded by two industry veterans, Stephen Catlin and Paul Brand, in 2019. In addition, AIG will take part in a whole-account quota share of Convex’s underwriting portfolio beginning January 1, 2026.

Convex, which operates from Bermuda and London, has become one of the island’s fastest-growing speciality insurers and reinsurers.

“This is a very unique opportunity to invest in a top-performing global speciality company that we believe will drive incremental earnings growth for AIG,” said Peter Zaffino, chairman and chief executive, AIG. “I have followed the Convex story closely since its formation in 2019 and have deep respect for Stephen Catlin and Paul Brand’s expertise and the culture they’ve built.”

As part of the transaction, AIG will appoint two directors to Convex’s board. In parallel, AIG will also acquire a 9.9 per cent stake in Onex Corp, the Toronto-based asset manager, for approximately $646 million.

Onex will become the majority shareholder of Convex with a 63 per cent holding following the transaction. AIG also plans to invest up to $2 billion in Onex-managed investment funds over three years, gaining preferred access to what it called “higher-yielding assets consistent with its investment guidelines”.

“With Onex Corporation, Convex’s primary shareholder, we are building a strategic relationship with an outstanding team,” Mr Zaffino added. “AIG will also benefit from preferred access to Onex’s world-class investment funds.”

Both deals are expected to close in the first half of 2026, subject to regulatory approval, and are projected to be accretive to AIG’s earnings and return on equity within the first year post-closing.

Convex, which writes insurance and reinsurance across property, casualty, marine, energy and speciality lines, employs about 600 people and manages more than $3 billion in capital.