Onex Corporation, a Toronto-based private equity investment firm and holding company, has made a $175 million investment to form a strategic, long-term relationship with Ryan Specialty Group (RSG).
The investment consists of $150 million of preferred equity and $25 million of common equity, and was made directly by Onex, rather than through one of its sponsored funds.
Bobby Le Blanc, a Senior Managing Director with Onex, said: “RSG is an outstanding organization led by Pat Ryan, an icon in the insurance industry. 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.”
RSG is an international specialty insurance organisation, which includes a wholesale brokerage firm (RT Specialty) and an underwriting management organisation (RSG Underwriting Managers) made up of 22 individual underwriting companies.
“I have known Bobby and Onex for 15 years and have tremendous respect for them,” said Pat Ryan, Founder, Chairman and Chief Executive Officer (CEO) of RSG. “Onex has a terrific track record of investing in insurance businesses and is the ideal partner for us. This investment will enable us to continue our strong organic growth and our history of successful acquisitions.”
RSG also recently announced the launch of a reinsurance managing general underwriter (MGU) called RyanRe Underwriting Managers (RyanRe).
