Canadian pension major the Public Sector Pension Investment Board has agreed to back insurance brokerage business Alliant Insurance Services.
Stone Point Capital is also contributing funding to Alliant as part of the deal, with the private equity firm remaining as the company’s largest insitutional shareholder.
Alliant’s management and producers will continue to own the majority of the business following the investments.
Alliant provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to clients across the US, including public entities, tribal nations, healthcare, energy, law firms, real estate, construction, and other industry groups.
PSP managing director Martin Longchamps said, “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.”
Stone Point senior principal Jim Carey added, “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.”
Stone Point manages the Trident series of funds, and closed the most recent in the series – Trident VII – on $5.5bn in 2017.
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