Listed Canadian investment firm Onex Corporation has completed the $2.3bn purchase of USI Insurance Services alongside the company’s management.
The deal includes an equity investment of about $700m from Onex Partners III, in which Onex is a cornerstone investor, the firm said.
USI operates in the brokerage market with adiversified mix of property and casualty, employee benefits and retirement consulting.
Company chairman, president and CEO Michael Sicard said, “With the completion of this transaction and with Onex as our private equity partner, USI will continue to accelerate our path to become the top insurance broker in the US middle market and select specialty markets.”
New York-headquartered USI was founded in 1994 and has more than 3,300 employees in about 100 offices across the US.
It is one of the ten largest insurance brokers in the country.
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