The deal is being completed in partnership with the Public Sector Pension Investment Board, Ardian through its Co-Investment strategy and other leading institutional equity partners. ISC’s management team and employees will remain significant shareholders once the transaction is finalised.
Headquartered in Carlsbad, California, Integrated Specialty Coverages is a leading multi-line programme administrator focused on underwriting excellence and client service. The company operates an end-to-end insurance platform powered by proprietary data analytics that connects a broad network of insurance markets and distribution channels. Its advanced technology transforms the way complex insurance programmes are underwritten and managed. KKR will fully exit its investment as part of this transaction.
The investment continues Onex Partners’ long-standing focus on the insurance sector and its record of backing founder-led businesses across the property and casualty value chain. Adam Cobourn, Managing Director at Onex Partners, said that ISC brings together the hallmarks of a successful underwriting and distribution platform, including a disciplined, data-driven approach and strong relationships with carriers and brokers. He highlighted the company’s best-in-class technology platform, which supports superior underwriting results, client experience and cost efficiency.
Matt Grossberg, Founder and Chief Executive of ISC, welcomed the new partnership, noting that Onex’s deep expertise and network within the property and casualty sector will provide access to valuable resources and relationships. He added that the collaboration will strengthen ISC’s ability to deliver innovative insurance solutions and pursue new growth opportunities while thanking KKR for its support during the company’s development.
Perella Weinberg served as exclusive financial adviser to Onex Partners, and Willkie Farr & Gallagher LLP acted as legal counsel. The transaction is expected to close later this year, subject to customary conditions.
Onex invests and manages capital on behalf of its shareholders and clients worldwide, with approximately 55.9 billion US dollars in assets under management, including 8.4 billion dollars of Onex’s own investing capital. The firm, founded in 1984, is listed on the Toronto Stock Exchange under the symbol ONEX and has offices in Toronto, New York, New Jersey and London.
The Public Sector Pension Investment Board is one of Canada’s largest pension investors, managing a diversified global portfolio of nearly 300 billion Canadian dollars. Ardian, a world-leading private investment firm, manages or advises 192 billion US dollars of assets across private equity, real assets and credit, with a strong focus on responsible investment.
