Chicago-based Ryan Specialty Group said Onex Corp. has invested $150 million of preferred equity and $25 million of common equity as capital for RSG to continue its mergers and acquisitions activity.
No other terms of the agreement were released.
Founded in 2010, Ryan Specialty Group is an international specialty insurance organization that includes a wholesale brokerage firm, RT Specialty, and an underwriting management organization, RSG Underwriting Managers, which is comprised of 22 individual underwriting companies.
Pat Ryan, Founder, chairman and CEO of RSG, said he has known Onex senior managing director Bobby LeBlanc for 15 years and he believes that Onex is an “ideal partner for our company.”
Toronto-based Onex has a history of investing in insurance. In 2014, it bought York Risk Services for $1.3 billion and in 2012 Onex bought broker USI for $2.3 billion. In 2017, Onex sold USI to Investment firm KKR and Caisse de dépôt et placement du Québec (CDPQ), a long-term institutional investor, in a transaction that valued USI at $4.3 billion.
RSG has within the past year acquired or announced plans to acquire Irwin Siegel Agency in New York, New Day Underwriters in New Jersey, Lodestar Marine of London, Oxford Insurance Services in Houston and others and launched an MGA in Latin America.
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