Archive · 8 Nov 2025
Onex CEO Open to More Insurance Deals After AIG Partnership
Imagine Onex is a big investor that likes to buy parts of companies.
They just teamed up with another big company, AIG, to buy a large chunk of an insurance company called Convex.
Onex will own most of Convex, and AIG will own a good portion too.
Onex's boss said this deal is so good, they might do one or two more big ones like it in the future, maybe even in insurance.
As part of this deal, AIG is also buying a small piece of Onex itself and will invest more money in other Onex investment groups.
Onex is trying to change and focus on different types of investments.
Even though the boss is excited, the company's stock price went down a little bit.
Onex Corp. and AIG are partnering on a $7 billion deal to acquire stakes in specialty insurer Convex Group Ltd.
Onex will own 63% of Convex, while AIG will hold 35%, with the purchase made from an Onex private equity fund and co-investors.
Onex CEO Bobby Le Blanc indicated openness to further significant investments in insurance companies and other sectors.
AIG will also acquire a 9.9% stake in Onex for approximately $646 million and commit $2 billion to Onex funds over three years.
The deal represents a major strategic move for Onex, aligning with CEO Le Blanc's restructuring efforts.
- Who
- Onex Corp. and American International Group Inc. (AIG)
- What
- Agreed to buy stakes in specialty insurer Convex Group Ltd. as part of a $7 billion transaction. AIG also agreed to buy a 9.9% interest in Onex.
- When
- Last week
- Where
- Toronto-based Onex
- Why
- Onex's CEO sees this as a major transformation and a step in restructuring, with potential for further large insurance-related deals.
Onex Perspective
Market Reaction
Future Strategy
Onex Perspective
Onex CEO Bobby Le Blanc sees potential for one or two more large 'Convex-like' deals, possibly in insurance or other areas where Onex has excelled.
Market Reaction
Onex shares slipped 1.3% in early afternoon trading following the announcement, suggesting some investor caution or a lack of strong positive reaction.
- Transaction Value
- $7 billion
- Onex Stake in Convex
- 63%
- AIG Stake in Convex
- 35%
- AIG Investment in Onex
- 9.9% interest for $646 million
- AIG Investment in Onex Funds
- $2 billion over three years
- Onex CEO
- Bobby Le Blanc