NEW York: Private equity firms KKR and Onex announced Friday that Onex Partners will acquire Integrated Specialty Coverages (ISC), a tech-enabled insurance platform specializing in underwriting and distribution. The deal includes substantial cash payouts for all ISC employees based on their ownership stakes.
KKR, which invested in ISC in 2021 through its Americas XII Fund, said the transaction marks a successful exit and highlights the impact of employee ownership on company performance. ISC’s nearly 400 employees will receive payouts ranging from three months to over two years of annual pay, depending on tenure.
“Together, we’ve significantly expanded ISC’s market presence and accelerated its mission to transform complex insurance programs,” said Chris Harrington, Partner at KKR. “This transaction represents a terrific result for ISC’s employee-owners and our investors.”
ISC has grown into a leading multi-line program administrator by investing in data analytics, expanding wholesale capabilities, and launching its first national sales and marketing team. CEO Matt Grossberg credited the firm’s ownership culture for driving engagement and retention, with voluntary attrition halved since 2022.
Onex Managing Director Adam Cobourn said the firm plans to continue ISC’s employee ownership model. “Alignment of interests between all stakeholders is a cornerstone of Onex Partners’ investing philosophy,” he said.
KKR and ISC were advised by Morgan Stanley & Co. LLC and Kirkland & Ellis LLP.