American International Group, Inc. (NYSE:AIG), Onex Corporation (TSX:ONEX) and management of Convex Group Limited entered into an agreement to acquire Convex Group Limited from Onex Partners V LP managed by Onex Corporation (TSX:ONEX), Public Sector Pension Investment Board, management of Convex Group Limited and others for approximately $7 billion on October 30, 2025. Onex will acquire a 63% equity stake in Convex for approximately $3.8 billion, while AIG will acquire a 35% equity stake in Convex for approximately $2.1 billion. The balance will be owned by the Convex management team. Both Onex and AIG will fund the investment from their respective corporate balance sheets and are committed to holding their equity investments in Convex for the long term. In connection with the transaction, AIG has agreed to subscribe for a 9.9% interest in Onex? subordinate voting shares, concurrent with the closing of the Convex acquisition, for proceeds totaling approximately $0.6 billion. Pursuant to the acquisition, Onex will acquire a 63% equity stake in Convex for approximately $3.8 billion. Onex intends to roll over its existing interest in Convex of $0.7 billion, with the remainder financed through $1.5 billion of cash on Onex? balance sheet and pending asset sales, $1.0 billion of debt financing secured on existing private equity and credit assets, and $0.6 billion of equity financing proceeds from the AIG subscription.

As of September 30, 2025, Convex Group Limited Generated Income of $506 million.

The transaction is expected to close in first half of 2026, subject to regulatory approvals and other customary closing conditions. As of November 27, 2025, the transaction is expected to complete in Q2 2026. Completion shall be subject to each of the following conditions i.e., any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the Anti-trust Authorities in each of Austria, Australia, Brazil, Germany, Israel, Japan and South Korea having granted their consent, approval, clearance, confirmation or waiver of licence in respect of the Transaction as necessary under applicable Anti-trust Laws, each Regulatory Authority having given notice in writing of its conditional or unconditional approval of or non-objection to the acquisition of control by the AIG Buyer, the Onex Buyer and any other person who is to acquire (directly or indirectly) the relevant percentage ownership of a Regulated Group Company at Completion that requires it to obtain approval or nonobjection as a controller or shareholder controller, if required, the applicable Authority in the jurisdiction of domicile of each of the AIG Buyer?s Buyer Group parties to the Quota Share Reinsurance Agreement.

Morgan Stanley & Co. LLC acted as financial advisor for American International Group, Inc. Debevoise & Plimpton LLP acted as legal advisor for American International Group, Inc. Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for American International Group, Inc. Murray Cox, Chris McLaughlin, Alex Eagle, Andrew Hagan, Kai Zhang, Jenine Hulsmann, Annagiulia Zanazzo, Jenny Doak and Kevin Donegan of Weil, Gotshal & Manges LLP acted as legal advisor for Convex Group Limited. Evercore Inc. acted as financial advisor for Convex Group Limited. Alvaro Membrillera, Adrian Duncan, David Feirstein, Rajab Abbassi and Doug Bacon of Kirkland & Ellis acted as legal advisor for Onex Corporation. Doug Warner, Timothy Burns and Greg Featherman of Weil, Gotshal & Manges LLP acted as legal advisor for Public Sector Pension Investment Board. UBS Investment Bank acted as financial advisor for Certain other investors in Convex. Sidley Austin LLP acted as legal advisor for an institutional investor in Convex. JPMorgan Chase & Co. (NYSE:JPM) acted as financial advisor to Convex Group Limited. Neil Campbell, Michael Bond, Matthew Chase, Nicola Higgs, Sean Finn, Alan Kimball, Kate Rocco, and Gregory Paul Bonné, Tim Scott and Alexander Traum of Latham & Watkins (London) LLP and Latham & Watkins LLP act as legal advisor for Onex Corporation. TD Securities, Inc. acted as financial advisor to Onex.

American International Group, Inc. (NYSE:AIG), Onex Corporation (TSX:ONEX) and management of Convex Group Limited completed the acquisition of Convex Group Limited from Onex Partners V LP managed by Onex Corporation (TSX:ONEX), Public Sector Pension Investment Board, management of Convex Group Limited and others on February 6, 2026.