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Onex completes acquisition of Convex Group in partnership with AIG
Onex Corp. has completed its previously announced US$7 billion acquisition of Convex Group Ltd., a specialty insurance and reinsurance business, in partnership with American International Group Inc. Onex will own 63% of Convex, AIG 35%, and management the remainder. This deal positions Toronto-based Onex for significant earnings growth, with AIG also acquiring a stake in Onex and committing US$2 billion to Onex-managed strategies.