AIG Deepens Ties To Convex And Onex To Shape Earnings Mix

Simply Wall St

Wed, February 11, 2026 at 12:15 PM GMT+9 3 min read

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American International Group (NYSE:AIG) has completed minority equity investments in Convex Group and Onex Corporation.

The transactions include a multi year quota share reinsurance arrangement with Convex Group.

AIG plans to have a director serve on Onex Corporation’s board.

AIG has committed US$2b to funds managed by Onex.

For you as an investor, this move links AIG more closely to specialty insurance through Convex Group and to asset management through Onex Corporation. AIG operates as a global insurance and financial services company, and these external relationships sit alongside its core underwriting and investment activities rather than replacing them.

What may matter next is how these alliances appear in AIG’s earnings mix, including any contribution from the quota share reinsurance and any fees or returns associated with the US$2b commitment. You may want to monitor future disclosures for information on capital deployment, risk sharing, and how board representation at Onex affects AIG’s access to deals and information.

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NYSE:AIG 1-Year Stock Price Chart

Why American International Group could be great value

AIG’s minority stakes in Convex and Onex, combined with the quota share reinsurance and US$2b fund commitments, suggest a shift toward partnering with specialist underwriters and third party capital managers rather than building everything in house. For you, this sits alongside the recently declared US$0.45 quarterly dividend and the latest quarter’s adjusted EPS of US$1.96 on US$6.95b of revenue, so these investments come while AIG is still returning cash and reporting positive earnings.

How this fits the American International Group narrative

The deals align with the existing narrative of AIG focusing on capital discipline, portfolio optimization, and data driven underwriting, while using partners such as Convex and Onex to access specialty risk and private markets. For investors comparing AIG with peers such as Chubb and Travelers, this news supports the idea that AIG is emphasizing partnerships and asset management relationships to help shape its long term earnings mix rather than relying solely on traditional balance sheet underwriting.

Risks and rewards from this move

Access to Convex’s specialty underwriting and quota share structure could give AIG fee like or risk sharing economics that differ from straightforward written premium.

The 9.9% Onex stake and US$2b fund commitments tie AIG more closely to a global asset manager, which some investors may view as an additional lever for capital deployment alongside core insurance operations.

Larger exposures to partners such as Convex and Onex introduce relationship and execution risk, particularly if underwriting results or investment performance differ from AIG’s expectations.

Analysts have noted that recent acquisitions can complicate near term capital allocation and make it harder to interpret the effects on margins and returns, particularly around upcoming earnings.

 






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What to watch next

From here, it may be useful to track how AIG discloses earnings contributions from the Convex quota share and Onex related income, especially in relation to analyst expectations around EPS and revenue. For a broader sense of how these moves fit into the longer term story and how other investors interpret them, you can review community narratives on AIG’s dedicated page before deciding what this means for your own portfolio.

_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include AIG.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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