Onex Corporation announced the acquisition of Integrated Specialty Coverages (ISC) from KKR. ISC is a tech-enabled insurance platform based in Carlsbad, California. The investment is made alongside PSP Investments, Ardian, and other partners. Onex’s focus on the insurance sector continues with this deal, led by a dedicated Financial Services team. ISC’s management team will remain significant shareholders post-transaction. The deal is expected to close later this year.

ISC’s CEO, Matt Grossberg, expressed excitement about joining forces with Onex. The partnership aims to innovate and deliver cutting-edge insurance solutions. Perella Weinberg served as financial advisor for Onex Partners in this transaction. Onex Corporation manages capital globally and has a long track record of value creation for shareholders. PSP Investments manages a diversified global portfolio with $299.7 billion in net assets under management. Ardian is a leading private investment firm managing $192bn in assets for clients worldwide.

Read more at GlobeNewswire: Onex Partners to Acquire Integrated Specialty Coverages