Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Onex Corporation Chairman of the Board, President and Chief Executive Officer Gerald Schwartz speaks at the company's annual general meeting in Toronto on Thursday, May 10, 2012. (Nathan Denette/THE CANADIAN PRESS)
Onex Corporation Chairman of the Board, President and Chief Executive Officer Gerald Schwartz speaks at the company's annual general meeting in Toronto on Thursday, May 10, 2012. (Nathan Denette/THE CANADIAN PRESS)

Onex buying U.S. insurance broker USI for $2.3-billion Add to ...

Onex Corp. is buying U.S. insurance broker USI in a $2.3-billion (U.S.) deal.

Based in Briarcliff Manor, N.Y., USI is the ninth biggest insurance broker in the United States and the 13th largest in the world.

Onex managing director Robert Le Blanc said in a news release Monday that he expects USI to grow both organically and “by building on its track record of successful acquisitions.”

More Related to this Story

USI has a mix of property and casualty, employee benefits and retirement consulting, with more than 3,300 employees in some 100 offices throughout the U.S.

The current owner of USI, Goldman Sachs Capital Partners, bought the company for $1.4-billion in 2007.

USI recently acquired TD Insurance Inc. from Toronto-Dominion Bank.

Toronto-based Onex is a diversified holding company and private equity investment firm. Investments include companies in electronics manufacturing services, aerospace, health care and financial services.

Onex said financing of the deal includes a $700-million equity investment from Onex Partners III, in which Onex is a 25-per-cent limited partner.

Ownership upon closing -- expected by the end of the year -- will be shared among Onex, Onex Partners III and USI employees.

 
Security Price Change
OCX-T Onex Corporation 62.08 0.20
0.323 %
Add to watchlist
Live Discussion of OCX on StockTwits
More Discussion on OCX-T

More Related to this Story

Topics:

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories