The Globe and Mail reports in its Saturday, Nov. 8, edition that Onex says it earned $39-million in its latest quarter compared with a profit of $127-million in the same quarter last year (all figures U.S.). A Canadian Press dispatch to The Globe reports that the private equity firm says the profit amounted to 57 cents per diluted share for the quarter ended Sept. 30, down from $1.68 per share a year earlier. Last week, Onex and American International Group announced a deal to buy Convex Group, a specialty property and casualty insurance and reinsurance business, for $7-billion. The deal will also see AIG acquire a 9.9-per-cent interest in Onex for about $600-million and commit $2-billion to strategies managed by Onex over a three-year period. Onex chief executive officer Bobby Le Blanc said the acquisition of Convex and strategic relationship with AIG represent a step change in the evolution of Onex that will position it for continued growth. Onex, which was a founding investor in Convex in 2019 through one of its buyout funds and plans to roll over its existing interest, will own 63 per cent of Convex, while AIG will own 35 per cent, with the balance owned by Convex management.