Alliant to acquire Crystal & Company
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Alliant Insurance Services Inc. said Thursday that it has agreed to acquire New York-based Crystal & Company.
Terms of the deal were not disclosed.
The transaction is expected to close within the next 30 days, subject to customary closing conditions, Newport Beach, California-based specialty brokerage Alliant said in a statement.
The Crystal & Company staff of more than 450 will continue operating from its 11 offices throughout the United States, Alliant said in the statement. Chairman and CEO Jim Crystal will join Alliant as vice chairman, Alliant Chairman and CEO Tom Corbett said.
Crystal specializes in financial institutions, energy, technology, real estate, hospitality, consumer products and retail, according to the Alliant statement.
Jim Crystal, the brokerage’s chairman and CEO, will join Alliant as vice chairman and other family members — Jamie, Jonathan and Sandy Crystal — “will also play prominent roles in our organization as we build Alliant together,” Tom Corbett, chairman and CEO of Alliant, said in the statement.
Crystal is a third-generation family-owned insurance brokerage in New York. It ranked as the 25th-largest brokerage of U.S. business in Business Insurance’s latest ranking, with more than $160 million in brokerage revenue.
Alliant is an acquisitive private-equity backed brokerage that ranked 11th in the Business Insurance ranking with nearly $1 billion in revenue.
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Q&A: James W. Crystal, Crystal & Company
James W. Crystal is chairman and CEO of New York-based independent insurance brokerage Crystal & Company. Mr. Crystal recently spoke with Business Insurance Associate Editor Matthew Lerner about the challenges that independent brokers face and ongoing changes in the industry. Edited excerpts follow.
