Reinsurance run-off group Premia Holdings Ltd. has sold its international claims, audit and risk management advisory firm, Alan Gray LLC and A.G. Risk Management, Inc., to Lewis & Ellis, Inc., a Novacap portfolio company.
Alan Gray was founded in 1988 to serve insurers, reinsurers, law firms, and other insurance market participants, and was acquired by Premia in 2018.
The firm provides expertise in complex claims, litigation and legacy insurance liabilities, complementing Lewis & Ellis’s actuarial and regulatory practices across life, health and property & casualty insurance.
Bill O’Farrell, Chief Executive Officer, Premia, commented, “Alan Gray’s strength has always been its people and the confidence clients place in their expertise.
“Lewis & Ellis brings complementary capabilities and a shared commitment to high-quality client service. We believe this combination provides a strong foundation for Alan Gray’s next chapter, giving its professionals broader resources to support their clients.”
The transaction is Lewis & Ellis’s third add-on acquisition since partnering with Novacap in 2023, marking a milestone in the firm’s evolution into a diversified insurance services platform.
Through this acquisition, Lewis & Ellis aims to broaden its ability to help clients understand and manage insurance risk across pricing, reserving, complex claims, forensic accounting, legal expense management, and run-off and estate administration.
Cabe Chadick, President & Managing Principal of Lewis & Ellis, added, “Actuarial expertise remains the foundation of Lewis & Ellis. Our clients face increasingly complex challenges that require multidisciplinary solutions. Bringing Alan Gray into Lewis & Ellis connects our pricing, reserving and regulatory work with deep claims and operational experience.
“This is an important step in our long-term strategy to build a diversified insurance services platform that serves clients across the risk and insurance value chain, while remaining grounded in the technical rigor that has always defined our firm.”
Premia’s exclusive financial advisor was Houlihan Lokey, and its shareholder, Kelso & Company, and Mayer Brown served as legal counsel. Meanwhile, Foley & Lardner served as legal counsel to Lewis & Ellis.
