Canadian private equity firm Onex Corp. ONEX-T and global insurer American International Group Inc. AIG-N , or AIG, have reached a US$7-billion deal to buy insurer Convex Group Ltd.

As part of the transaction announced Thursday, AIG is also acquiring a 9.9-per-cent stake in Onex for US$600-million and will commit US$2-billion to Onex’s private equity and credit strategies.

Onex will acquire 63 per cent of Convex, AIG will own 35 per cent and the Convex management team will own the rest of the company’s shares.

Convex is a property and casualty insurance and reinsurance business that focuses on “complex specialty risks,” which expects to write gross premiums of US$6-billion this year, according to a news release.

Onex was a founding investor in Convex in 2019 through the private equ

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