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Alera Group Inc. said Wednesday it will merge with privately held Tacoma, Washington-based Propel Insurance, as the core investors in the two companies made commitments to inject new capital.
Terms of the transaction, which is expected to close this year, were not disclosed. Deerfield, Illinois-based Alera said in a statement that the deal will bolster its presence in the Northwest and Southeast regions.
Propel is the 41st largest broker of U.S. business in the latest Business Insurance rankings, with 2020 revenue of $107.6 million.
Alera Group is the 17th largest brokerage of U.S. business, with 2020 revenue of $554 million.
The deal will add 485 Propel employees and eight locations and bring Alera’s workforce to nearly 3,000 people.
Founded in 1923, Propel has expertise in the senior living and construction verticals, the statement said.
Alera said it will undergo a “recapitalization,” securing unspecified new capital from private equity partner Genstar Capital, which helped form the company in 2017.
Alera will also gain funds from Propel’s current capital partner, Flexpoint Ford, a Chicago-based private equity firm specializing in the financial services and health care industries.
Kurt Carlson, president and CEO of Propel Insurance, said in the statement that the deal would “build a solid foundation for future growth” and that “we expect to continue to expand nationally.”
Alera Group Inc. said Thursday that it has acquired Gordon Atlantic Insurance Agency.