American International Group has acquired a 35% equity stake in Convex Group Limited. The investment is part of a new ownership structure in which Onex Corporation holds a 63% stake. Stephen Catlin and Paul Brand founded Convex in 2019 and apart from its management, the group’s founding equity partners, which include Onex’s Partners V private equity fund, will sell their stakes as part of the deal.

Catlin said: “This transaction secures the long-term independence of Convex and presents a range of exciting strategic opportunities.”

Bobby Le Blanc, CEO of Onex, added: “Having been a partner to Convex through our private equity funds and balance sheet since 2019, we are delighted to be making a long-term strategic investment in the business, and to welcome AIG as a strategic investor.”

Peter Zaffino, chairman and CEO of AIG, commented: “This is a very unique opportunity to invest in a top-performing global specialty company that we believe will drive incremental earnings growth for AIG.”