Onex Invests Follow-On Capital in Ryan Specialty Group

Onex

Toronto,September 1,2020–

Onex Corporation (“Onex”) (TSX: ONEX) today announced it has made an incremental investment of approximately $110 million in Ryan Specialty Group,LLC (“RSG”)to support its strategic acquisition of All Risks, Ltd. (“All Risks”). This preferred equity investment was made by Onex as a follow-on to its investment in RSG in 2018.Founded in2010, RSGis al eading international specialty insurance organization which provides wholesale brokerage and highly specialized managing general underwriting services to retail insurance brokers and insurance carriers.The company is approaching $12 billion in premium in2020.Formed in 1964,All Risks has grown from a one office excess and surplus lines brokerage acility to a national wholesale broker, managing general agency, and program administrator.Over the past25years, continued reinvestment in talent has resulted in an 18% average annua organic growth rate.The company has offices across the country and over 850 employees and isprojecting $2.6 billion in premium in 2020.“UnderPat Ryan’s leadership,RSG continuesto impress us with its abilityto profitably growboth organically and inorganically,” said Bobby Le Blanc, President of Onex. “The company continues to attract and retain top-tier talent and execute on its strategic vision. Onex is excited about the new partnership between RSG and All Risks and looks forward to continuing to support RSG’s future growth plans.”

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, senior loan strategies and other private credit strategies; and Gluskin Sheff’s wealth management services including its actively managed public equity and public credit funds. In total, Onex has approximately $35.6 billion of assets under management, of which approximately $6.6 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $25 billion and employ approximately 165,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.

For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information

Claire Glossop IraniDirector, Client & Product Solutions Tel: 416.362.7711

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Bowmark-backed insurance broker Aston Lark makes two strategic acquisitions

Bowmark

Bowmark-backed Aston Lark, the leading independent insurance broker, has acquired PHM and Incepta Risk Management. PHM is an employee benefits intermediary focused on private medical insurance and group risk benefit packages for corporate clients. Incepta is a Lloyd’s broker offering underwriting and open market broking to direct and wholesale customers. The combined Gross Written Premium for the acquired businesses is around £14 million per year.

Peter Blanc, Aston Lark Group CEO, said: “Employee benefits, and private medical insurance in particular, is a key growth area for Aston Lark. We are delighted to bring on board PHM which shares the Aston Lark passion for customer service. Similarly, the Incepta team will make a great contribution to the Aston Lark family. We are well known for our regional presence, but we see the London market becoming increasingly important to the group and a key element of our future growth strategy.”

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Ardian announces its acquisition of Finaxy, a french leader in insurance brokerage, from Equistone

Ardian

Paris, July 30th, 2020 – Ardian, a world leading private investment house, today announces that it has acquired a majority stake in Finaxy, a French multi-specialist B2B and B2C insurance broker, from Equistone Partners Europe, a leading European mid-market private equity firm.

Founded in 2009 under the leadership of Erick Berville, Finaxy has become a top 10 insurance broker in France following Equistone’s acquisition of a majority stake in the Group in 2014. With a strategic positioning focused on B2C niches and specific B2B business expertise, the Group has successfully leveraged its know-how to build a third offering dedicated to insurers and bank insurers. Since its inception, the Group has delivered strong organic growth and an active buy-and-build strategy, with 27 acquisitions in France, two of which took place in 2020.

In the current challenging market environment, Ardian Expansion has remained focused on growing companies both organically and through build-ups. With the support of Ardian, Finaxy plans to accelerate its buy-and-build strategy and strengthen its leading multi-specialist positioning.

Alexis Lavaillote, Managing Director in the Ardian Expansion team, said: ”Knowing this sector quite well, we were convinced by Finaxy’s multi-specialist positioning and its potential for organic growth across its three businesses. Under the leadership of Erick Berville, Finaxy has also been a key player in the consolidation of a still fragmented market and we will continue to support and accelerate this external growth policy. We are delighted to support Erick and his teams who, beyond their performance, have demonstrated agility and a strong entrepreneurial culture.”

Erick Berville, Founder and CEO of Finaxy, added: “The Group Management and I would like to thank Equistone for the past six years. This close teamwork has enabled us to achieve common goals while respecting Finaxy’s human and entrepreneurial values, and to smartly position the group for strong and ambitious development. We have chosen to continue this journey with Ardian and we are delighted to welcome them. We share this DNA and it will enable us to pursue and accelerate our organic and external growth momentum. You can’t stop dreaming while you’re on the move.”

Guillaume Jacqueau, Managing Partner at Equistone, concluded: “We are proud to have worked with Finaxy for more than six years and to have played our role as a strategic partner. Finaxy’s teams have done a remarkable job in expanding the product offering and developing new niche markets through organic and external growth. The Group has become one of France’s leading independent brokers and we are convinced that Finaxy is well positioned to continue consolidating its leading position in the future.”

ABOUT FINAXY GROUP

Created at the beginning of 2009 by Erick Berville, FINAXY Group is today one of the French leaders in insurance brokerage. FINAXY Group is one of the leading French insurance brokers and has joined the closed club of the top 75 brokers in the world, positioning itself as a “multi-specialist” broker. Structured around three specialized divisions (Corporate, Consumer (niche markets) and Solutions (major strategic partnerships)), the Group is developing its activity in specific market sectors with high added value. FINAXY Group continues to base its development half on organic growth and half on external growth.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 670 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

ABOUT EQUISTONE

Equistone is an independent investment firm wholly owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 40 years, with more than 400 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in businesses with enterprise values of between €50m and €500m. The company has a team of over 40 investment professionals operating across France, Germany, the Netherlands, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap in March 2018.
Equistone Partners Europe is authorised and regulated by the Financial Conduct Authority and Equistone Partners Europe SAS is duly registered with the Autorité des Marchés Financiers.

LIST OF PARTIES INVOLVED

  • Ardian

    • Alexis Lavaillote, Arthur de Salins, Stéphan Torra, Leslie Parmast
  • Buyers Due Diligence

    • M&A: Raphaël Financial Advisory (Benoit O’Mahony, Maxime Berthoux, Tristan Cossec)
    • Strategic: BCG (Philippe Removille, Benjamin Sarfati, Benjamin Entraygues, Chloélia Auffret)
    • Digital: BCG Platinion (Nicolas Levillain)
    • Financial: KPMG (Benjamin Tarac, Sophie Bougerolle)
    • Tax, legal and social: KPMG (Xavier Houard, Florence Olivier, Albane Eglinger, Frédéric Martineau)
    • Corporate lawyer: Latham & Watkins (Olivier du Mottay, Bénédicte Bremond, Alexandre Magnier)
  • Equistone

    • Guillaume Jacqueau, Grégoire Châtillon, Julie Lorin
  • Seller Due Diligence

    • M&A: Lazard (François Guichot-Pérère, Jean-Philippe Bescond)
    • Seller lawyer: Goodwin (Thomas Maitrejean, Chloé Vu Thien)
    • Management lawyer: Jeausserand (Erwan Bordet)
    • Management Advisor: Callisto (Charles de Rozières, Tancrède Caulliez)
    • Strategic DD: Roland Berger (Christophe Angoulvant)
    • Financial DD: EY (Cyril de Beco, Damien Buot de l’Epine, Sandra Guerin)
    • Legal and social DD: EY
    • Tax DD: Arsene Taxand

PRESS CONTACTS

ARDIAN / Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.co.uk +44 207 3435 7469

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Insurtech Leader Policygenius Announces $100M Series D Round, Led by KKR

KKR

Investment will accelerate growth with plans to roll out new financial protection products this year

NEW YORK, Jan. 30, 2020 /PRNewswire/ — Policygenius, the leading online marketplace for comparing and purchasing insurance, announced today $100 million in Series D funding led by global investment firm KKR. Existing major investors in the company, including Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the round. Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase. Policygenius will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020.

Jennifer Fitzgerald and Francois de Lame, co-founders of Policygenius

Founded by Jennifer Fitzgerald and Francois de Lame in 2014, Policygenius provides a digital experience for consumers to navigate the entire insurance buying process. Policygenius has built integrations with the most trusted insurance carriers and industry-leading technology for quoting, underwriting and fulfillment.

Since its founding, Policygenius’ proprietary technology and in-house operations have delivered impressive growth. Policygenius is the fastest-growing life insurance distributor with $45 billion in life coverage issued to date. In 2019, Policygenius launched a new property and casualty insurance offering, which scaled to more than $10 million in revenue in less than 12 months. Collectively, consumers can shop for several types of insurance, including life, home, auto, disability and renters. Buoyed by this growth, the company added about 180 new employees and opened a second headquarters in Durham, North Carolina in 2019.

“Our technology platform delivers a seamless and easy experience for comparing, buying and switching insurance, at scale, nationwide. But what we’re exceptionally proud of is how Policygenius removes the complex and often misleading aspects of the insurance purchasing business entirely,” Jennifer Fitzgerald, CEO and co-founder at Policygenius, said. “With the support of our investors, we look forward to expanding our reach and product portfolio to broader financial wellness.”

“With increased competition in the insurance sector, we believe there’s a need for platforms where customers can easily manage their relationships across a number of insurance policies and carriers throughout their lifetime,” Allan Jean-Baptiste, at KKR, said. “Policygenius has created a model to provide for exactly this, set apart by its sophisticated proprietary technology, and the traction of its marketplace platform among carriers and consumers alike.”

“We are thrilled to be working with Jennifer, Francois and their dedicated team as they continue to transform consumer financial protection,” added KKR’s Jake Heller.

KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month.

Allan Jean-Baptiste and Jake Heller will represent KKR on Policygenius’ Board of Directors.

About Policygenius
Policygenius is the nation’s leading online insurance marketplace, with headquarters in New York City and Durham, North Carolina. We’ve helped more than 30 million people shop for all types of insurance like they shop for everything else — online. We launched in 2014 and are one of the early insurtech pioneers. We were named one of Inc. Magazine’s Best Workplaces for 2018 and 2019 and ranked in the top ten of 2019’s Crain’s Fast 50. You can see more about open career opportunities with Policygenius by visiting: https://www.policygenius.com/careers/.

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media Contacts

Policygenius
Brooke Niemeyer
Associate Director of Media Relations
brooke.niemeyer@policygenius.com

KKR
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

(PRNewsfoto/Policygenius)

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SOURCE Policygenius

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3i portfolio company ACR Capital Holdings signs implementation agreement for the sale of ACR

3I

3i Group plc (“3i”) today announces that its portfolio company ACR Capital Holdings Pte. Ltd. has signed an implementation agreement for the sale of its wholly owned subsidiary Asia Capital Reinsurance Group Pte. Ltd. (“ACR”) to Catalina Holdings (Bermuda) Ltd, an industry leader in the legacy (re)insurance space.

The transaction is subject to the receipt of regulatory and other approvals. Proceeds to 3i are expected to be approximately $155m. The transaction is expected to complete in the first half of 2020.

ACR was established in November 2006 as Asia’s first reinsurer with a focus on providing non-life risk solutions to the pan-Asian region. Headquartered in Singapore, it has a regional presence across Asia, including Singapore, Japan, South Korea, Malaysia and Hong Kong.

During 3i’s investment period, 3i supported ACR’s establishment and creation in Singapore and its subsequent development into an Asia-based reinsurance company with a worldwide client base.

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The Hilb Group Announces Definitive Agreement to Be Acquired By The Carlyle Group

Carlyle

RICHMOND, Va. — The Hilb Group, LLC (“Hilb”), a leading national insurance broker, announced today that it has signed a definitive agreement with global investment firm The Carlyle Group (NASDAQ: CG) for investment funds affiliated with Carlyle to acquire a majority interest of Hilb. Hilb’s existing management team and employee shareholders are expected to remain significant shareholders. Hilb is currently a portfolio company of Abry Partners, a Boston-based private equity firm.

Founded in 2009, Hilb employs more than 900 associates and operates 91 branch offices serving all 50 states. Abry Partners invested in Hilb in 2015 and worked closely with management to grow the business into one of the Top 30 insurance brokers in the U.S. according to Business Insurance magazine. The firm was recognized as one of the fastest growing private companies by Inc. magazine in 2018, and ranked a Top 10 fastest growing broker in 2017 by Business Insurance magazine and a Top 100 P/C Agency by Insurance Journal magazine in 2019.

Richard Spiro, Chief Executive Officer at Hilb, said, “This investment by Carlyle is a strong endorsement of our growth strategy and represents the next exciting chapter for Hilb. Carlyle’s additional capital and resources will significantly benefit our company and associates as we grow our business organically and through targeted M&A opportunities. Working with Abry enabled us to accelerate our development and we are equally excited to have new partners to fuel future growth. We have a rich pipeline of partnership opportunities and look forward to continuing our expansion with Carlyle.”

Brent Stone, Partner at Abry, said, “During the four years of our ownership, we helped build Hilb into a national insurance brokerage by investing in the company’s operations and strengthening its management team, including recruiting Ricky as CEO. The company’s annual revenues dramatically increased under our ownership and we successfully completed more than 60 strategic add-on acquisitions during that time. We are very pleased with the outcome of this investment for our investors and also for Hilb’s management team and employees. Hilb is very well positioned for ongoing growth and performance as a portfolio company of Carlyle and we wish them success.”

John Redett, Managing Director and Co-Head of Carlyle Global Financial Services, said, “We have long admired the Hilb franchise and are extremely impressed with what Ricky Spiro and the Hilb management team have accomplished during the past several years. We look forward to our partnership, and to supporting Hilb in its next chapter of growth and innovation as it expands into new geographies and product lines to serve the increasingly complex needs of its clients.”

Nathan Ott, Principal at Abry, commented, “Hilb has made significant progress since our acquisition and has developed a proven track record of growth across a variety of geographic regions and product lines. The company is led by a best-in-class management team and is poised to achieve its next level of growth.”

Equity capital for the investment will come from Carlyle Partners VII, an $18.5 billion fund that focuses on buyout transactions in the U.S., and Carlyle Global Financial Services Partners III, L.P., a dedicated financial services buyout fund.

The transaction is expected to be completed in the fourth quarter of 2019, subject to customary closing conditions, including regulatory approvals. Financial details of the transaction were not disclosed.

J.P. Morgan and Sica | Fletcher served as financial advisors to Abry and Hilb, and Kirkland & Ellis LLP served as legal counsel. Simpson Thacher & Bartlett LLP served as legal counsel and Latham & Watkins LLP provided financing and regulatory counsel to The Carlyle GroupFunds managed by Ares Capital Management LLC, Crescent Capital Group, Owl Rock Capital, Antares, and Barings will provide debt financing for the transaction.

About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since their founding in 1989, the firm has completed over $82.0 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5.0 billion of capital across their active funds. For more information on ABRY, please visit www.Abry.com.

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About The Hilb Group
The Hilb Group is a leading middle market insurance agency headquartered in Richmond, Virginia and is a portfolio company of Boston-based private equity firm, Abry Partners. The Hilb Group seeks to grow through targeted acquisitions in the middle market insurance brokerage space. The company now has 91 offices in 21 states. Please visit our website at www.hilbgroup.com.

Contacts:
For Abry and Hilb, Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334
chris@tofallipr.com

For Carlyle, Christa Zipf
+1 (212) 813-4578
Christa.Zipf@carlyle.com

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Health IQ Secures $55 Million In Series D Funding to Expand Its Special Rate Life Insurance for People Who Live a Healthy Lifestyle

Aquila Capital

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–May 8, 2019–Health IQ Insurance Services (Health IQ), the nation’s fastest growing life insurance company, today announced it has secured $55 million in Series D funding led by Greenspring Associates, Aquiline Technology Growth, Hanwha Asset Management, as well as additional financing from existing investors such as Andreesen Horowitz and others. Health IQ’s mission is to improve the world’s health by rewarding runners, cyclists, weightlifters, well-managed diabetics, and other Americans living a healthy lifestyle with lower rates. Since pioneering the use of science and data to measure the impact of healthy lifestyles, Health IQ has experienced rapid growth.

“Consumers are responding well to our lower rates. Our company has reached $21 billion in client coverage and is adding an additional $2 billion every few weeks. Since our last funding announcement in 2017 our coverage amount has tripled. Health IQ has grown from seven billion to 21 billion in coverage,” said Health IQ CEO Munjal Shah.

Since first selling policies in 2016, Health IQ has been able to use its science and proprietary data to increase the discount that consumers get when buying life insurance. In the last three years, the company’s savings for clients has increased from 4% up to 41%. Today the average life insurance client that works with Health IQ will save $4,289 with rate savings and up to $6,279 through underwriting savings over the course of a 30-year policy.

“At Greenspring, we’re always looking for market leaders and companies that demonstrate momentum. That’s why we’re investing in Health IQ, one of the nation’s fastest growing new life insurance companies. We’re excited to be part of Health IQ’s growth going forward,” said Jim Lim at Greenspring Associates, an $8.8 billion firm that supports promising companies throughout their lifecycles.

Over the last three years Health IQ has further innovated by offering new products like special rate life insurance for well managed diabetics, special rate disability insurance, and other products.

“What drew us to Health IQ was its data advantage. This is an insurance company that is using science and data to more accurately price insurance for its clients. We believe the next generation of insurance will be this form of accurate pricing. We call this new trend ‘Precision Insurance,’” said Max Chee of Aquiline Technology Growth (ATG), which is the early and growth stage fund managed by Aquiline Capital Partners, a New York and London-based private equity firm investing in the financial services and technology sectors.

Mr. Chee added, “As focused insurance technology investors, we see Health IQ as highly differentiated from other Insurtech companies. In canvassing the market, we found Health IQ’s innovation in bringing fair prices to consumers highly compelling. Aquiline is excited to support Health IQ and utilize our insurance industry expertise to help the company further innovate and expand as they continue their mission to offer unique products to health-conscious individuals.”

To date Health IQ has raised $139.5 million from a diverse and respected group of investors: Charles River Ventures, First Round Capital, Greylock Partners, Menlo Ventures, Ribbit Capital, Felicis Ventures, Foundation Capital, Andreessen Horowitz, Greenspring Associates, Aquiline Technology Growth, and others.

ABOUT HEALTH IQ

Health IQ is an insurance company on a mission to improve the world’s health by rewarding runners, cyclists, weightlifters, swimmers, yogis, well-managed diabetics, and other Americans living a healthy lifestyle. Health IQ gives these individuals credit for their healthy lifestyle through lower rates. Since pioneering the use of science and data to measure the impact of healthy lifestyles, Health IQ has become the fastest growing life insurance company in the nation. Health IQ has grown from zero to $21 billion in coverage in the last three years. The company was founded for the health conscious by the health conscious. The company’s three founders were each touched by a personal health challenge and overcame them by adopting a healthier lifestyle. The founders wanted to inspire and encourage others to embrace a healthy lifestyle by giving them financial rewards. For more information visit www.healthiq.com.

ABOUT GREENSPRING ASSOCIATES

Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for entrepreneurs and fund managers, investing across multiple stages, sectors and geographies. An established investor in financial and insurance technology companies including Bright Health, MoneyLion, Branch International and YieldStreet, Greenspring Associates manages approximately $8.8 billion in committed capital across a variety of specialized venture strategies. For more information on Greenspring Associates and a full list of its prior investments, please visit its website at www.greenspringassociates.com.

ABOUT AQUILINE TECHNOLOGY GROWTH

Aquiline Technology Growth (ATG) seeks to invest in early- and growth-stage technology companies that are bringing innovation to the financial services ecosystems. ATG is managed by Aquiline Capital Partners, a private equity firm based in New York and London investing in businesses globally across the financial services and technology sector. The ATG team has experience in technology and financial services and is supported by its colleagues at Aquiline, strategic partners, and an active group of industry Executive Advisors. For more information on ATG, visit www.atgvc.com.

ABOUT HANWHA ASSET MANAGEMENT

Hanwha Asset Management is a global asset management company with US$80B in AUM and has been investing in growth stage deals globally. It has backed notable startups such as Zymergen, N26, Raisin, Yanolja, and Grab.

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Oakley Capital agrees to invest in spanish digital insurance brokers

oakleycapital

Oakley Capital (“Oakley”), a leading Western Europe-focused private equity firm, has agreed to form a joint venture with Admiral Group plc (“Admiral”) to acquire two of Spain’s most well-regarded digital brokers for insurance and other financial products, Rastreator Comparador Correduría de Seguros S.L. (“Rastreator”) Asesor Seguros Online S.L. and Asesor Consumer Services S.L. (together “Acierto.com”). Completion of the transaction is subject to merger control clearance by the EU Commission as well as the approval of the Directorate-General for Insurance and Pension Funds in Spain.

Rastreator, a digital insurance broker, was founded in 2009 and allows users to buy insurance, financial products, travel, offers, telephone services, energy, finance and cars by comparing quotations. The business is currently 75% owned by Admiral, a British insurance company specialising in the direct sale of car insurance, and 25% by Mapfre, a Spanish multinational company dedicated to the insurance and reinsurance sectors.  In 2018, Rastreator generated revenues of €29 million.

Founded in 2007, Acierto.com is a digital insurance broker which enables consumers to compare prices from over 30 car, motorcycle, health, life and home insurance companies. Currently, Acierto.com is majority-owned by its two founders, Carlos and Mario Brüggemann, who will retain a stake in the combined group following the transaction.  In 2018, Acierto generated revenues of €13 million.

This transaction continues Oakley’s successful track record of investing in digital platforms across Europe. Having previously invested in Verivox, Germany’s leading energy price comparison website, and Facile, the price comparison market leader in Italy, Oakley has considerable expertise in the price comparison market.  The Spanish market is at an early stage in its development, and therefore presents a similar growth opportunity to that experienced by Verivox and Facile as the market develops.

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Onex Invests in Convex

Onex

Toronto, April 30, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) today announced Onex
Partners V and a consortium of co-investors have committed to invest $1.8 billion in Convex
Group Limited (“Convex”), of which approximately $1.6 billion has been funded.
Convex is a de novo specialty property and casualty insurance company headquartered in Bermuda
with an office in London. The company will write insurance and reinsurance with a focus on
underwriting complex specialty risks across a diversified range of business lines. The company is
led by Stephen Catlin, Paul Brand and a team of well-respected insurance industry experts.
“We’re very excited to partner with Stephen, Paul and the rest of the Convex team. They have a
reputation for disciplined underwriting and strong relationships as well as a multi-decade track
record of delivering market outperformance,” said Bobby Le Blanc, a Senior Managing Director
of Onex.

Todd Clegg, a Managing Director of Onex continued, “Consolidation within the insurance sector
has created opportunity for an independent carrier with a focused, specialist proposition, capable
of serving clients with complex risk exposures. The Convex platform is designed to satisfy this
demand.”

“Onex has a track record of successful investing in the insurance industry and a consistent view of
the market opportunity making it the ideal partner for us,” said Stephen Catlin, Chairman and Chief
Executive Officer of Convex. “With Onex’ support, Convex is uniquely positioned to provide a
high touch, client-service focused approach and leverage innovative and proprietary technology to
enhance the value we bring to our clients.”
The funded investment includes $750 million from Onex Partners V, $780 million from
co-investors, including PSP Investments, and $50 million from the Convex management team.
Onex’ portion of the equity investment as a Limited Partner in the Fund is $124 million.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX. For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.
Forward-Looking Statements

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

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Viridium Group completes acquisition of Generali Lebens- versicherung

Cinven

  • Viridium Group portfolio grows by around 3.8 million contracts
  • Full continuity for all policyholders of Generali Lebensversicherung guaranteed
  • Viridium Group CEO Dr Heinz-Peter Roß: “We will be concentrating single-mindedly on integration”

Viridium Group (“Viridium”), the leading specialist in the efficient management of life insurance portfolios, has completed the acquisition of Generali Lebensversicherung AG (“Generali Leben”) with effect from 30 April 2019. All the employees who have been servicing the portfolio of Generali Leben already have moved from Generali to Viridium Group. This means with the new portfolio company around 300 employees at its Hamburg and Munich locations have now become part of Viridium Group.

Full continuity is guaranteed for the policyholders of Generali Leben. Their contracts will con- tinue unchanged, and the contractually promised guarantees and benefits will be retained. The contacts in customer service and their contact data will also not change. Long-term service and cooperation contracts with Generali Deutschland AG (“Generali Deutschland”), amongst others on the management of the collective corporate pension business, will also guarantee continuity and stable business operations. The claims of brokers will remain unaffected.

The subsequent rebranding of Generali Leben is planned for autumn 2019 after a transition period. Written notification of this will be provided to customers in due time.

Generali Deutschland continues to hold a stake of 10.1% in Generali Leben.

Dr Heinz-Peter Roß, CEO of Viridium Group, commented: “We are delighted that from now on Viridium is privileged to take over responsibility for the customers of Generali Leben and their contracts. Over the coming months, we will be concentrated strongly on integration so that customers at Generali Leben can benefit from the advantages of our uniform, efficient plat- form.”

Following the acquisition, Viridium’s portfolio will amount to almost 4.8 million insurance con- tracts, and its portfolio companies will manage assets totalling approximately €60 billion (pro forma numbers as of the end of 2018). Viridium has subsequently significantly expanded its leading position in the efficient management of life insurance portfolios.

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