AIG to Buy Stakes in Convex, Onex for More Than $2.7 Billion (3)

American International Group Inc. agreed to buy stakes in specialty insurer Convex Group and alternative asset manager Onex Corp. in transactions that total more than $2.7 billion.

AIG is taking a 35% stake in Convex for $2.1 billion and a 9.9% interest in Onex for about $646 million, according to a statement Thursday. AIG will also invest $2 billion over three years in Onex funds.

Earlier this year, AIG said it planned to increase its allocation to private assets to support its net investment income growth even as rates decline.

“This is a very unique opportunity to invest in a ...