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

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.