Alliant Insurance Services Inc., one of the nation’s largest insurance brokerage firms, announced that The Blackstone Group, in partnership with Alliant’s management and employees, has reached an agreement to acquire the company from its current owners comprised of the investment firm Lindsay Goldberg and Alliant’s management and employees. Terms of the transaction were not disclosed.
Tom Corbett, chairman and CEO of Alliant said, Blackstone’s financial resources and commitment to work strategically with management teams will enable Alliant to continue to expand and remain independent.
In addition to Tom Corbett, the senior management team includes Greg Zimmer, chief financial officer, and Jerry Hall, chief operating officer.
Chinh Chu, senior managing director of The Blackstone Group, said, his frm was impressed with the “culture of Alliant and the strength and depth of its insurance professionals who comprise the foundation of the company.”
The transaction is expected to close within the next 75 days.
JPMorgan acted as exclusive financial advisor to the seller and is also arranging financing for the buyer in connection with the transaction.
Specialty insurance broker Alliant, based in Newport Beach, Calif., provides insurance and employee benefits products to more than 20,000 commercial clients nationwide. Alliant distributes specialty-oriented products for public entities, Indian nations, healthcare, energy, law firms, real estate, construction and other industry groups.
Alliant’s network of companies includes Driver Specialty Group, Alliant Specialty Insurance Services, Alliant Risk Services Group, Franey Muha Commercial Group and Kelter Commercial Group.
Last October, Alliant acquired the U.S.-based property and casualty insurance and employee benefits businesses of Jardine Lloyd Thompson Group plc (JLT).
Alliant says it ranks among the 15 largest insurance brokerage firms in the United States and is the nation’s second largest privately held insurance brokerage firm.
The Blackstone Group is an independent alternative asset manager. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds.
Alliant Insurance Services Inc.
The Blackstone Group
Was this article valuable?
Here are more articles you may enjoy.