Onex Corporation said it has made a $175 million investment to form a strategic, long-term relationship with Ryan Specialty Group, LLC.
Onex said in a statement that the investment, comprised of $150 million of preferred equity and $25 million of common equity, was made by Onex and not through one of its sponsored funds.
Founded in 2010, RSG is a leading international specialty insurance organization, which includes a wholesale brokerage firm (RT Specialty) and an underwriting management organization (RSG Underwriting Managers), comprised of 22 individual underwriting companies. In its brief history, RSG has achieved extraordinary growth by establishing itself as a preferred partner of clients and an ideal platform for brokers and underwriters.
“RSG is an outstanding organization led by Pat Ryan, an icon in the insurance industry,” said Bobby Le Blanc, a Senior Managing Director with Onex. “RSG has recruited top talent who has grown the business at an impressive rate. We’re delighted to partner with Pat and his team to support their growth plans for years to come.”
“I have known Bobby and Onex for 15 years and have tremendous respect for them,” said Pat Ryan, Founder, Chairman and CEO of RSG. “Onex has a terrific track record of investing in insurance businesses and is the ideal partner for us.
Onex said the investment will enable us to continue our strong organic growth and our history of successful acquisitions.”
