American International Group Inc. struck a deal to buy a stake in specialty insurer Convex Group and alternative-asset manager Onex Corp. in deals 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.

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Katherine Chiglinsky in New York at [email protected]

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