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Ryan Specialty Group L.L.C. said Monday it had entered into a long-term strategic relationship with New York-based private equity firm Onex Corp., which is investing $175 million in the Chicago-based specialty insurance company.
Onex’s investment consists of $150 million of preferred equity and $25 million of common equity, which is intended to provide capital to continue Ryan’s growth and merger and acquisition strategy, Ryan Specialty said in a statement.
Terms of the deal were not disclosed.
A Ryan Specialty Group spokeswoman said that this is Onex’s first investment in RSG, which has made 31 acquisitions since it was formed and 13 new formations. There are no other institutional investors, the spokeswoman said, and the balance of investors are friends, family and employees.
RSG was founded by Patrick G. Ryan, the founder and former CEO of Aon P.L.C., in 2010.
The group, which owns a range of wholesale brokerages, managing general agencies and managing general underwriters, has grown rapidly over the past eight years and is the third largest wholesale brokerage with more than $5 billion in premium volume, according to Business Insurance’s latest ranking.
Onex has more than $32 billion of assets under management, including $6.7 billion of Onex proprietary capital, in private equity and credit securities, according to a company statement.
Ryan Specialty Group L.L.C. said Wednesday it has reached a definitive agreement to acquire specialty intermediary New Day Underwriting Managers L.L.C.