AIG · 10-Q · 2026Q2 · Full report
Acquisitions and Partnerships
AMERICAN INTERNATIONAL GROUP, INC. · 2026-08-07 · Importance 53 · Surprise 60 · In source text
On February 6, 2026, AIG completed the acquisition of an equity interest in Convex Group Limited for $2.1 billion and acquired a 9.9% ownership stake in Onex Corporation for an undisclosed amount in the provided filing section. AIG accounts for Convex under the equity method and records its proportional share of Convex income, net of basis-difference amortization, in General Insurance net investment income. AIG also entered into a whole-account quota share agreement with Convex covering 7.5% of the underwriting portfolio beginning in 2026, 10.0% in 2027 and 12.5% in 2028. AIG sold 24.7 million Corebridge shares to Corebridge on February 17, 2026 and its remaining 25.5 million shares on May 7, 2026, ending its Corebridge ownership after aggregate proceeds that are not specified in the provided text.
Key facts
- On February 6, 2026 AIG closed acquisitions of a 35 percent equity interest in Convex for $2.1 billion and a 9.9 percent ownership stake in Onex for $642 million. source
- On February 6, 2026 AIG closed acquisition of a equity interest in Convex for $2.1 billion and a 9.9 percent ownership stake in Onex Corporation (Onex). source
- AIG closed acquisition of a 35 percent equity interest in Convex for $2.1 billion on February 6, 2026. source
- AIG closed acquisition of a 9.9 percent ownership stake in Onex for $642 million on February 6, 2026. source
- AIG entered into a whole account quota share agreement with Convex on December 23, 2025 to reinsure 7.5 percent in 2026, 10.0 percent in 2027 and 12.5 percent in 2028 of Convex’s underwriting portfolio, effective January 1, 2026. source
- Difference between purchase price and underlying net assets for Convex primarily comprised of intangible assets and other basis differences of $520 million and goodwill of $440 million. source
- As of June 30, 2026, AIG's ownership interest in Onex is included in Equity securities of $ million (note states AIG's ownership interests in Onex of $ million included as of June 30, 2026). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | negative | realized | -1.3% | On February 6, 2026 AIG closed acquisitions of a 35 percent equity interest in Convex for $2.1 billion and a 9.9 percent ownership stake… |
| cash | negative | realized | -0.4% | On February 6, 2026 AIG closed acquisitions of a 35 percent equity interest in Convex for $2.1 billion and a 9.9 percent ownership stake… |
| revenue | positive | realized | — | AIG entered into a whole account quota share agreement with Convex on December 23, 2025 to reinsure 7.5 percent in 2026, 10.0 percent in… |
| operating_income | negative | realized | — | AIG entered into a whole account quota share agreement with Convex on December 23, 2025 to reinsure 7.5 percent in 2026, 10.0 percent in… |