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Canada's Onex seals USI Insurance takeover deal  Join our daily free Newsletter

MENAFN - 29/12/2012

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(MENAFN) Canadian private equity firm Onex Corp. said its USD2.3 billion takeover deal with insurance broker USI Insurance Services was completed, the Business Journals reported.

USI, based in Briarcliff Manor, said a that USI employees also purchased a stake in the company, making them along with Onex and Onex Partners III owners of the company.

USI's previous owners were GS Capital Partners VI Fund LP and affiliates. In 2007, USI employees invested alongside GS Capital to take the company private.

Onex has offices in Toronto, New York and London, and has about USD14 billion of assets under management, including USD4.8 billion of proprietary capital, in private equity, credit securities and real estate.

Founded in 1994, USI is the ninth largest insurance broker in the US and the 13th largest in the world. It has about 100 offices across the US.

 






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