Alliant Insurance coverage Companies (Alliant) has acquired the Acceptance Insurance coverage Company of Tennessee (AITN) from First Acceptance for a money consideration of as much as $120m.
AITN is the retail gross sales company operations subsidiary of First Acceptance.
Via employee-agents understanding of 288 leased retail websites throughout 13 states, the acquired firm sells non-standard auto insurance coverage and associated providers.
AITN’s insurance coverage choices are underwritten and serviced by the First Acceptance Insurance coverage Group, a bunch of First Acceptance insurance coverage companies, in addition to by third-party carriers.
As per the phrases of the acquisition settlement, Alliant’s portfolio firm Confie and a few of its associates will perform as unbiased brokers for the non-standard auto insurance coverage merchandise of the First Acceptance Insurance coverage Group which are written by AITN.
First Acceptance president and CEO Ken Russell stated: “We’re enthusiastic about the way forward for our firm following this sale of our retail insurance coverage company operations.
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“Going ahead, our firm will be capable of deal with its insurance coverage firm operations distributing non-standard vehicle insurance coverage merchandise solely by unbiased brokers.”
Confie CEO Cesar Soriano stated: “This acquisition permits us to broaden our buyer attain by increasing our retail presence to over 1,250 shops nationwide. This merger is a big milestone for each of our corporations.”
Individually, Alliant stated it has established a particular division to deal with its line of consumer-facing companies.
Referred to as Alliant Client Group, the brand new unit will likely be headed by senior managing director Rick Ulmer.
It is going to home Alliant’s essential customer-facing companies: Confie, Senior Market Gross sales and Sunshine Life & Well being Advisors.
Alliant chairman and CEO Tom Corbett stated: “We firmly consider that Alliant’s continued transfer into the buyer house will present great alternative to seize complementary experience throughout every platform.
“Alliant Client Group will pave the way in which for growth within the client house and supply superior know-how and sources to assist this progress.”
Final month, Alliant launched extra truck insurance coverage with a deal with middle-market fleet operators.
