Independent insurance brokerage, Alliant Insurance Services, has revealed that the Public Sector Pension Investment Board (PSP Investments) is to make an investment in the firm.
PSP Investments, a Canadian pension investment manager, has roughly CA$160 billion (US$120bn) of assets under management (AuM), as at September 30th, 2018. According to an announcement on the strategic partnership between Alliant and PSP Investments, the investment is in addition to an investment from funds managed by Stone Point Capital LLC.
Once the transaction has closed, funds managed by Stone Point Capital LLC will continue to be Alliant’s largest institutional stakeholders, with the management of the company and producers remaining the majority owners of the company.
Chairman and Chief Executive Officer (CEO) of Alliant, Tom Corbett, said: “Alliant looks forward to partnering with PSP Investments as we enter this exciting new stage in our growth strategy. Both PSP and Stone Point have a proven history of success in our industry, and their combined financial strength and market expertise will be a significant asset to Alliant as we move forward.”
Martin Longchamps, Managing Director, PSP Investments, added: “Alliant is one of the nation’s leading insurance brokerage platforms, with proven leadership, broad industry reach, and operational strength. We embrace the opportunity to work alongside Alliant in facilitating its continued growth and expansion.”
While Senior Principal at Stone Point Capital LLC, Jim Carey, said: “We are delighted to be partnering with PSP and the Alliant management team in this transaction and increasing our investment in Alliant. Alliant is a premier specialty insurance brokerage business with industry-leading organic growth. We are looking forward to continuing with the company in the next phase of that growth.”