Kohlberg Kravis Roberts buys insurance brokerage Alliant from Blackstone
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Kohlberg Kravis Roberts & Co. L.P. said last week that it has acquired insurance brokerage Alliant Insurance Services Inc. from private equity firm Blackstone for an undisclosed sum.
Newport Beach, Calif.-based Alliant is the 12th largest broker of U.S. business, according to Business Insurance's 2012 rankings.
Alliant Chairman and CEO Tom Corbett said the deal would enable the brokerage to grow. “We are pleased to be partnering with KKR and appreciate the positive role that private capital can play in helping us manage our business and execute a growth strategy,” Mr. Corbett said in a statement. “This transaction will enable Alliant to remain independent and maintain its market-leading position."
The management team and employees of Alliant will maintain a substantial portion of their approximate 45% ownership stake in the company, KKR said.
"Alliant's leadership team has built a unique insurance distribution franchise that is differentiated in its expertise, product offerings and client relationships,” Tagar Olson, member of KKR, said in a statement. “We are excited to partner with the Alliant team as it builds on the successful track record of product innovation, platform expansion and accretive acquisition activity in the specialty insurance marketplace."
The transaction is expected to close in the fourth quarter.
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