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Onex buys insurance broker USI for $2.3 bln

Last updated: 11:50 26 Nov 2012 GMT, First published: 12:50 26 Nov 2012 GMT

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Private equity firm Onex Corp. (TSE:OCX) Monday acquired USI Insurance Services from GS Capital Partners VI Fund and certain of its affiliates for $2.3 billion. 

USI is an insurance broker and has more than 3,300 employees in about 100 U.S. offices. It is the ninth largest insurance broker.

The deal is expected to close by the end of the year.

"USI has established a strong national insurance brokerage with a very impressive management team led by Mike Sicard,” said Onex managing director Robert Le Blanc.

"The company is well positioned to continue to grow both organically and by building on its track record of successful acquisitions." 

USI's CEO Mike Sicard added: "Our world-class brokers and investment in differentiating client solutions have allowed us to continually strengthen our market position by providing our clients with a level of value that is unparalleled in the middle-market."

With offices in Toronto, New York and London, Onex has approximately $14 billion of assets under management, including $4.8 billion of proprietary capital, in private equity, credit securities and real estate. 

Founded in 1994, USI is headquartered in Briarcliff Manor, New York and operates out of approximately 100 offices across the United States.

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