Mr. Adam Cobourn reports

ONEX PARTNERS TO ACQUIRE ACCREDITED FROM R&Q INSURANCE HOLDINGS

Onex Corp.'s Onex Partners V has agreed to acquire Accredited, the global program management business of R&Q Insurance Holdings. All amounts are in U.S. dollars unless otherwise stated.

Accredited is a specialty insurance company operating in North America and Europe that provides underwriting capacity to managing general agents (MGAs) with support from the global reinsurance market. Accredited operates as a hybrid fronting carrier, retaining a portion of the premium and risk it underwrites while ceding the majority to reinsurance partners. It is the only dedicated hybrid fronting carrier to provide A-minus-rated insurance capacity in each of the United States, the United Kingdom and the European Union, with licences to write admitted business in all 50 U.S. states.

Adam Cobourn, managing director at Onex Partners, said: "We are pleased to have the opportunity to establish Accredited as an independent, market-leading program management platform. Accredited has all the ingredients for success as a hybrid carrier, including a talented management team, a well-diversified and high-quality book of business, strong reinsurer relationships, and robust underwriting and risk management protocols. It will be well positioned for responsible growth with a strong balance sheet and backing from Onex Partners. Investing in the insurance industry has been a core strength for Onex for many years. We look forward to supporting Accredited's management team in this next phase of growth."

The transaction is anticipated to close in the first half of 2024, subject to the receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval by R&Q's shareholders.

Evercore served as lead financial adviser and Latham & Watkins LLP acted as legal counsel to Onex. BMO Capital Markets, Citigroup and CIBC Capital Markets also provided financial advisory services to Onex.

About Onex Corp.

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, it has a long record of creating value for its clients and shareholders. Onex's two primary businesses are private equity and credit. In private equity, Onex raises funds from third party investors, or limited partners, and invests them, along with Onex's own investing capital, through the funds of its private equity platforms, Onex Partners and ONCAP. Similarly, in credit, Onex raises and invests capital across several private credit, public credit and public equity strategies. Onex's investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies, and family offices. In total, Onex has $49.5-billion in assets under management, of which $7.9-billion is Onex's own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex's platforms.

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