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Broker continues acquisition streak with another agency buy

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Insurance brokerage Alliant Insurance Services Inc., Newport Beach, California, on Thursday said it has expanded its managing general agent practice through the acquisition of New York-based Preferred Concepts L.L.C.

Terms of the transaction were not disclosed.

Preferred Concepts, with offices in New York, New Jersey and Connecticut, will join Alliant Specialty Insurance Services Inc., Alliant’s San Diego-based MGA and program administrator, under company president Sean McConlogue. Alliant Specialty Insurance Services partners with retail agents nationwide to distribute its products to middle-market clients, Alliant said in a statement.

Preferred Concepts executives will continue to operate the company under its existing name, and the client services and business development teams of the company will remain in place, according to the statement.

Alliant Insurance Services, Inc. is the 12th-largest insurance broker of U.S. business, according to Business Insurance’s latest ranking. This is Alliant’s fourth MGA acquisition of 2015, Alliant said in a statement.