Onex Corporation announced it has agreed to acquire York Risk Services Group, Inc. for $1.325 billion.

York is a premier provider of risk management, claims management and managed care services.

The transaction is anticipated to close in the third quarter, subject to customary conditions and regulatory approvals.

York is the leading provider of insurance solutions to property, casualty, and workers’ compensation specialty markets in the United States. The Company offers customized claims handling, managed care, specialized loss adjusting, risk pool administration, loss control, consulting and other risk management services. York provides these services to a wide variety of strategic partners including self-insured companies, public entities, insurance carriers, insurance pools, alternative risk groups and insurance intermediaries. The Company has 3,800 employees serving more than 6,300 clients through 75 offices.

"York’s management team, led by Rick Taketa, is building an outstanding insurance services platform providing comprehensive solutions to its clients," said Robert Le Blanc, a Senior Managing Director with Onex. "We are excited to partner with Rick and his team to continue York’s impressive track record of growth both organically and through strategic acquisitions."

"Onex is a great partner, and its investment will facilitate our growth and the continued development of the products and services we offer," said Rick Taketa, CEO of York. "Most important, the transaction will be positive for our clients, our employees and our operations."

The equity investment of approximately $560 million will be made by Onex Partners III, certain limited partners as co-investors, including Onex, and York’s management team.