Onex Partners to acquire Integrated Specialty Coverages

Ms. Jill Homenuk reports ONEX PARTNERS TO ACQUIRE INTEGRATED SPECIALTY COVERAGES Onex Corp.'s Onex Partners Opportunities Fund has agreed to acquire Integrated Specialty Coverages, a technology-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, 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. All amounts are in U.S. dollars unless otherwise stated. Headquartered in Carlsbad, Calif., ISC is a leading, multiline program administrator dedicated to underwriting excellence and client service. ISC has built an end-to-end insurance platform powered by proprietary data analytics that connect 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. The insurance sector has long been a core focus area for Onex Partners. This investment continues Onex Partners' long history of investing across the entire property and casualty insurance value chain, particularly in founder-led businesses. Investments in the sector are led by a dedicated financial service team which maintains an extensive network of value-add industry relationships across all relevant subsectors. 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 chief executive officer 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." Perella Weinberg served as exclusive financial adviser, and Willkie Farr & Gallagher LLP served as legal counsel to Onex Partners. The transaction is expected to close later this year, subject to customary closing conditions. About Onex Corp. Onex invests and manages capital on behalf of its shareholders and clients across the globe. Formed in 1984, it has a long record of creating value for its clients and shareholders. Its investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, banks, insurance companies, family offices, and high-net-worth individuals. In total, Onex has approximately $55.9-billion in assets under management, of which $8.4-billion is Onex's own investing capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex's platforms. Onex is listed on the Toronto Stock Exchange under the symbol ONEX. We seek Safe Harbor.