Onex CEO Sees Potential for More Insurance Deals After AIG Win

Core Viewpoint - Onex Corp. is actively pursuing further investments in the insurance sector following a significant partnership with AIG to acquire stakes in Convex Group Ltd. for $7 billion [1][2]. Group 1: Transaction Details - Onex will hold a 63% stake in Convex, while AIG will own 35% after the completion of the deal [2]. - AIG will also acquire a 9.9% interest in Onex for approximately $646 million and plans to invest $2 billion over the next three years in Onex funds [3]. Group 2: Strategic Direction - The CEO of Onex, Bobby Le Blanc, indicated that the company is open to similar transactions in the future, suggesting the potential for redeploying billions of dollars from other assets into "Convex-like" deals [2][3]. - Le Blanc emphasized a concentrated approach to future investments, potentially focusing on one or two additional opportunities in the insurance sector, while also considering other successful areas [3]. Group 3: Company Transformation - The Convex deal is viewed as a major transformation for Onex, aligning with a broader restructuring strategy that has involved cost-cutting and divesting from certain businesses, such as Gluskin Sheff [4].