Alliant gets new private equity investmentReprints
Private equity firm Stone Point Capital L.L.C. will take a stake in Alliant Insurance Services Inc. supplanting rival investment firm Kohlberg Kravis Roberts & Co. L.P. as the brokerage's largest institutional investor, Alliant announced Tuesday.
Newport Beach, California-based Alliant, which is the 12th largest broker of U.S. business with $546.9 million in U.S. revenues, according to Business Insurance's 2014 ranking, was bought by KKR in 2012.
KKR, and Alliant's management and producers will remain “significant shareholders” in the brokerage, according to the Alliant statement.
An Alliant spokeswoman declined to disclose ownership percentages.
“We have known Tom Corbett (chairman, CEO of Alliant), Ralph Hurst (president of National Brokerage Group for Alliant), and Greg Zimmer (president and chief financial officer of Alliant) for many years, and we believe they have built a highly successful and differentiated business that delivers specialized solutions for clients,” said Chuck Davis, CEO of Stone Point, said in the statement.