Private equity firm Onex has invested $175m in Ryan Specialty Group (RSG), an international specialty insurance organization that offers solutions for brokers, agents and insurance carriers.
The investment included $150m in preferred equity and $25m in equity. It will provide capital to continue Ryan Specialty Group’s growth strategy and merger and acquisition activity.
RSG founder, chairman and CEO Pat Ryan said: “We are pleased to enter into this relationship with Onex. They align with our culture, believe in our team, and support our strategic goals.”
Founded in 2010, RSG is an international specialty insurance company that includes a wholesale brokerage firm, RT Specialty, and an underwriting management organization, RSG Underwriting Managers and is comprised of 22 individual underwriting companies.
The company claims to have achieved significant growth and has established itself as a preferred partner of clients and an ideal platform for brokers and underwriters.
Onex was established in 1984 and has $32bn of assets under management. The company acquires and helps in building businesses in partnership with management teams.
The company invests its capital together with capital from investors from around the world, including public and private pension funds, sovereign wealth funds, banks, insurance companies and family offices.
Onex senior managing director Bobby Le Blanc said: “Pat is building an outstanding organization comprised of top talent from around the insurance industry and has established clear and ambitious, yet achievable goals. We are delighted to invest in this excellent company.”
Ryan Specialty Group has completed the acquisition of Lodestar Marine (Lodestar) in London. Lodestar will become part of RSG Underwriting Managers, the managing general underwriting division of the group.
Lodestar offers Owners’, Charterers’ and Operators’ protection and indemnity (P&I) and additional covers for vessels up to 40,000 gross tonnage worldwide.