Canada’s private equity investment firm Onex has acquired USI Insurance Services (USI) for approximately US$2.3bn.

With the completion of transaction, Onex, Onex Partners III and employees of USI own 100% of the company.

USI chairman, president and CEO Michael J. Sicard said: "With the completion of this transaction and with Onex as our private equity partner, USI will continue to accelerate our path to become the top insurance broker in the U.S. middle market and select specialty markets."

Established in 1994 and headquartered in Briarcliff Manor, New York, USI trades as an insurance brokerage, which offers numerous property and casualty, employee benefits and retirement consulting services.

Managing nearly $14bn of assets under management and employing about 235,000 people globally, Onex trades through its offices located in Toronto, New York and London.

Onex also manages investment platforms focused on real estate, private equity and credit securities.