Onex Corporation announced that the Onex Partners Opportunities Fund has agreed to acquire Integrated Specialty Coverages (“ISC” or the “Company”), a tech-enabled insurance platform dedicated to designing, underwriting, and distributing insurance solutions, from KKR. The investment by Onex Partners is being made alongside the Public Sector Pension Investment Board (“PSP Investments”), Ardian (through its Co-Investment strategy), and several other leading institutional equity partners. ISC’s management team and employees will remain significant shareholders following the transaction.
Headquartered in Carlsbad, California, ISC is a leading, multi-line program administrator dedicated to underwriting excellence and client service. ISC has built an end-to-end insurance platform powered by proprietary data analytics that connects a broad network of insurance markets and distribution channels. The Company uses sophisticated technology to transform how complex insurance programs are underwritten and operated. ISC is led by a team of experienced professionals from all spheres of the insurance ecosystem. As part of the transaction, KKR will exit its investment in the Company.
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The insurance sector has long been a core focus area for Onex Partners. This investment continues Onex Partners’ long history of successfully investing across the entire property & casualty insurance value chain, particularly in founder-led businesses. Investments in the sector are led by a dedicated Financial Services team who maintain an extensive network of value-add industry relationships across all relevant sub-sectors.
Adam Cobourn, a Managing Director at Onex Partners, said “ISC combines all the elements we consider to be markers of success in an underwriting and distribution platform, including a disciplined, data-driven approach, broad and deep relationships with insurance carriers and brokers, and a best-in-class technology platform that enables superior underwriting results, client experience and cost efficiency. We understand ISC’s end market very well and look forward to supporting the Company’s management team and employee-owners with all of our resources.”
Matt Grossberg, Founder and CEO of ISC, said, “We are excited to join forces with Onex Partners. Onex’s deep expertise and network in the P&C sector brings us access to a unique ecosystem of resources and relationships. This partnership will strengthen our ability to innovate and deliver cutting-edge insurance solutions across our core business lines, while also enabling us to pursue a broad range of new growth opportunities. ISC would like to thank KKR for its support and we look forward to working closely with Onex as we continue on our journey to innovate in the E&S market.”
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