AIG Announces Strategic Investments In Convex Group, And Onex

(RTTNews) - American International Group (AIG) announced strategic investments in Convex Group Limited, a privately held, global specialty insurer, and Onex Corporation. Upon closing, AIG will hold minority stakes in each company. AIG will acquire a 35% equity interest in Convex Group for approximately $2.1 billion. AIG will appoint two mutually agreed upon directors to Convex's Board.

AIG will appoint a mutually agreed upon director to Onex's Board. AIG will also invest $2 billion over three years in a diversified set of Onex Corporation's investment funds with preferred access.