View this article online: https://www.insurancejournal.com/news/national/2015/06/23/372677.htm
Specialty insurance brokerage Alliant Insurance Services announced what it termed “a significant equity investment” from funds managed by Stone Point Capital LLC.
The Newport Beach, California-based broker, which is also backed by the investment manager Kohlberg Kravis Roberts & Co. L.P. (KKR), did not disclose the amount from the Greenwich, Connecticut-based Stone Point Capital.
In connection with the transaction, funds managed by Stone Point will become Alliant’s largest institutional shareholders, the company said. Following the transaction, Alliant’s existing shareholders, which include the company’s management and producers as well as funds affiliated with KKR, will remain significant shareholders in the business, according to the announcement.
“This new partnership is a significant and positive move for Alliant, as it represents the expansion and diversification of our private equity support,” said Tom Corbett, chairman and chief executive officer of Alliant.
KKR acquired its interest in Alliant from another investment firm, Blackstone, in late 2012. At that time, the management team and employees of Alliant owned approximately 45 percent of the company and agreed to roll over a substantial portion of their investment in the company, according to the announcement of that transaction.
Blackstone acquired its interest in Alliant in 2007.
Alliant’s companies includes Driver Specialty Group, Alliant Specialty Insurance Services, Alliant Risk Services Group, Franey Muha Commercial Group and Kelter Commercial Group.