AIG completes deal for Convex minority stake

AIG has completed the acquisitions of strategic minority ownership stakes in specialty insurer and reinsurer Convex Group and global asset manager Onex Corporation.

Following regulatory approvals AIG now owns an approximately 35% equity interest in Convex (worth approximately $2.1bn or £1.54bn), and a 9.9% ownership stake in Onex (worth approximately $642m or £472m).

In conjunction with AIG’s investment in Convex, founding investor Onex has become the majority shareholder in Convex with a 63% ownership interest.

Prior to the deal Convex’s founding equity investors, including Onex’s Partners V private equity fund, sold their equity stakes in full valuing the