Onex Partners has agreed to acquire Integrated Specialty Coverages (ISC) from KKR in a deal that marks a strong exit for the private equity firm and delivers significant cash distributions to the company’s nearly 400 employees, according to a report by Bloomberg.
As part of KKR’s broad-based employee ownership model, all ISC staff will receive payments linked to their equity stakes, ranging from around three months’ salary to more than two years’ pay depending on tenure.
KKR acquired a majority stake in the California-based insurance platform from Sightway Capital in 2021, when ISC was writing approximately $300m in premiums annually. Since then, the firm has invested in data and technology, expanded distribution, and built a national sales and marketing platform, helping ISC grow into a leading tech-enabled underwriting business.
The transaction is expected to generate a return of more than 2.5x for KKR. Financial terms of the deal have not been disclosed.
