Onex CEO Sees Potential for More Insurance Deals After AIG Win

Onex Corp.’s top executive says the alternative asset manager is open to making further large bets on insurance companies following its move to team up with American International Group Inc. on a major deal.

Toronto-based Onex and AIG agreed last week to buy stakes in specialty insurer Convex Group Ltd., a specialty property and casualty reinsurer, in a $7 billion transaction.

Onex President Bobby Le Blanc

Photographer: Galit Rodan/Bloomberg

On completion, Onex will own 63% of Convex on its own balance sheet, while AIG will have 35%. The two companies are buying Convex from one of Onex’s private equity funds and co-investors.

Asked Friday whether ...