Weekly Insider Money Tracking: Onex raises over $360 million selling stake in insuerer Ryan Specialty.

Toronto-based private-equity firm Onex raised over US $360 million by selling a portion of its stake in insurance company $Ryan Specialty Holdings (RYAN.US)$, cash that analysts predict the alternative asset manager will be used to buy back its own shares.

$Ryan Specialty Holdings (RYAN.US)$ share sales boost Onex's cash reserves to US $2 billion, twice the amount analysts say the company typically carries. According to analyst Geoffrey Kwan at RBC Capital Markets, the Ryan Specialty stock sale means 'more cash resources to be used for share buybacks, as Onex's share trade at a 53 percent discount to the net asset value.