TORONTO – Onex Corp. says it has completed its deal to buy Convex Group Ltd., a specialty property and casualty insurance and reinsurance business, in partnership with American International Group Inc.
The US$7 billion deal was initially announced in October of last year and will see Onex own about 63 per cent of Convex, while AIG will own 35 per cent and the Convex management team will own the rest.
As part of the deal, AIG acquired a 9.9 per cent stake in Onex and will commit US$2 billion to strategies managed by Onex over a three-year period.
Onex CEO Bobby Le Blanc says in a news release that the acquisition positions the Toronto-based private equity firm for earnings growth.
The company says Convex will become a core platform and is expected to generate meaningful recurring net income and free cash flow to shareholders.
Onex was a founding investor in Convex in 2019 through one of its buyout funds.
This report by The Canadian Press was first published Feb. 6, 2026.
Companies in this story: (TSX:ONEX)
