Onex Corporation announced that the Onex Partners Opportunities Fund has agreed to acquire Integrated Specialty Coverages (“ISC”), a tech-enabled insurance platform specializing in underwriting and distribution, from KKR. The investment will be made alongside the Public Sector Pension Investment Board (PSP Investments), Ardian (via its Co-Investment strategy), and other leading institutional partners. ISC’s management team and employees will continue to hold significant ownership in the company following the transaction.
Based in Carlsbad, California, ISC has emerged as a leader in multi-line program administration. The company has developed an end-to-end insurance platform that leverages proprietary data analytics to connect a wide network of markets and distribution channels. By combining advanced technology with underwriting expertise, ISC has redefined how complex insurance programs are designed and operated. With a seasoned leadership team drawn from across the insurance industry, the company has positioned itself as a trusted partner to both carriers and brokers.
For Onex Partners, the deal underscores a long-standing commitment to the property and casualty (P&C) insurance sector. The firm has a history of backing founder-led businesses and building value across the entire P&C value chain. Its dedicated Financial Services team brings a broad network of industry relationships to the partnership, adding strategic depth to ISC’s growth journey.
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“ISC brings together everything we look for in a strong underwriting and distribution partner—a disciplined, data-driven approach, deep relationships with carriers and brokers, and an advanced technology platform that delivers real value. Their ability to achieve great underwriting results while also improving the client experience and driving efficiency sets them apart. We know this market well, and we’re excited to work alongside ISC’s leadership and employee-owners to help take the business to its next stage of growth,” said Adam Cobourn, Managing Director at Onex Partners.
ISC’s Founder and CEO, Matt Grossberg, emphasized the strategic fit of the partnership: “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.”
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Perella Weinberg Partners acted as exclusive financial advisor, while Willkie Farr & Gallagher LLP served as legal counsel to Onex Partners. The transaction is expected to close later this year, pending customary closing conditions.
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