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Ryan Specialty Group (RSG) has entered into a long-term strategic relationship with Onex Corporation.
Terms of the agreement were not disclosed.
As part of the partnership, Onex has invested $150 million of preferred equity and $25 million of common equity into RSG; the purpose of the investment is to provide capital to fuel RSG’s growth strategy and M&A activity, a release said.
“We are pleased to enter into this relationship with Onex. They align with our culture, believe in our team, and support our strategic goals,” said RSG founder, chairman, and CEO Pat Ryan. “Having known and respected Bobby and Onex for roughly 15 years, I believe that they are an ideal partner for our company.”
“Pat is building an outstanding organization comprised of top talent from around the insurance industry and has established clear and ambitious, yet achievable goals,” added Onex senior managing director Bobby Le Blanc. “We are delighted to invest in this excellent company.”
A specialty insurance company, RSG consists of a wholesale brokerage firm, RT Specialty, and an underwriting management organization, RSG Underwriting Managers (RSGUM). Just recently, the company acquired Lodestar Marine Limited in London, UK, adding the fixed P&I insurance provider to its RSGUM operations.
