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The investment firm acquires a majority stake in the program administrator



KKR & Co. Inc. acquires a majority stake in Integrated Specialty Coverages LLC, the Carlsbad, California administrative program administrator said in a statement on Thursday.

Financial terms for the transaction were not disclosed.

KKR will acquire the stake from Sightway Capital, which will continue to hold a minority stake in ISC.

ISC uses its online platform to "technically enable" acquisitions in the traditional insurance sector, said founder and CEO Matt Grossberg Insurance in February. New products and features can be added to the platform in a modular way, he said.

Mr. Grossberg will continue in his role as CEO and ISC's management team will also remain in place, the statement said on Thursday.

ISC was founded in 201

7 by Mr. Grossberg and now writes approximately $ 300 million in special premiums annually over coverage such as real estate, construction, transportation and hospitality, including bars and taverns. ISC has acquired or partnered with more than 5,000 insurance agencies and brokers in four years, it said.

KKR makes its investments in ISC through its America XII fund. KKR also holds investments in USI Insurances Services Inc., Alliant Insurance Services Inc. and Sedgwick Claims Management Services Inc.

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