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Canadian firm Onex buys US insurer USI for $2.3B

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[November 26, 2012]  NEW YORK (AP) -- Canadian private equity firm Onex is buying insurance broker USI for $2.3 billion from a Goldman Sachs private equity fund.

USI Insurance Services, based in Briarcliff Manor, N.Y., offers property and casualty insurance, employee benefits and retirement consulting. Founded in 1994, it has about 100 offices in the U.S.

The GS Capital Partners fund took the insurance broker private in 2007 for $1.4 billion, including debt.

USI employees invested in the 2007 deal, and will now own the business with Onex, the companies said Monday.

The deal is targeted to close by year's end.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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