Global investment firm Kohlberg Kravis Roberts & Co. L.P. said it will acquire Alliant Insurance Services Inc., a specialty insurance brokerage firm based in California, from another investment firm, Blackstone, which acquired its interest in Alliant in 2007. Terms of the transaction were not disclosed.
The management team and employees of Alliant own approximately 45 percent of the company and will roll over a substantial portion of their investment in the company, according to the announcement.
Tom Corbett, chairman and CEO of Alliant said, the transaction “will enable Alliant to remain independent and maintain its market leading position.”
The transaction is expected to close in the fourth quarter.
Headquartered in Newport Beach, Calif., Alliant Insurance Services Inc. is one of the largest insurance brokerage firms in the United States and has a history dating back to 1925. Alliant provides property/ casualty, workers’ compensation, employee benefits, surety, and financial products and services to 20,000 clients nationwide, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups.
Alliant’s companies includes Driver Specialty Group, Alliant Specialty Insurance Services, Alliant Risk Services Group, Franey Muha Commercial Group and Kelter Commercial Group.