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KKR & Co. Inc. is acquiring a majority stake in Integrated Specialty Coverages LLC, the Carlsbad, California-based program administrator said in a statement Thursday.
Financial terms of the transaction were not disclosed.
KKR will acquire the stake from Sightway Capital, which will continue to hold a minority stake in ISC.
ISC uses its online platform to “tech enable” acquisitions made in the traditional insurance sector, founder and CEO Matt Grossberg told Business Insurance in February. New products and capabilities can be added to the platform in a modular fashion, he said.
Mr. Grossberg will continue in his role as CEO and the ISC management team will also remain in place, the statement said Thursday.
Founded in 2017 by Mr. Grossberg, ISC now writes approximately $300 million of specialty premium annually across coverages such as property, construction, transportation and hospitality, including bars and taverns. ISC has acquired or partnered with more than 5,000 insurance agencies and brokers in four years, it said.
KKR is making its investment in ISC through its Americas XII Fund. KKR also holds investments in USI Insurances Services Inc., Alliant Insurance Services Inc. and Sedgwick Claims Management Services Inc.