Convex
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Zaffino said AIG will continue to assess strategic opportunities after the Convex, Onex and Everest deals. -
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The deal confers a high multiple on Convex and gives AIG re/specialty exposure.
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Plus, the latest people moves and all the top news of the week.
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CEO Brand said he expected to deliver double-digit growth, if “marginally” lower in 2026.
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The fundraising structure for the deal includes a $600mn Convex debt raise.
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Onex’s own balance sheet will become a 63% owner and AIG takes a 35% stake.
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The number of syndicates traded at auction was the highest for a decade.
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The veteran underwriter said market conditions are still ‘robust’.
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The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.
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AIG leads the all-risks cover and Axa XL is the hull war lead.
