Alliant Insurance Services Enters Agreement to Acquire New York Brokerage
- April 13, 2018
NEWPORT BEACH, CA — Alliant Insurance Services has entered into a definitive agreement to acquire New York-based Crystal & Company. The agreement brings one of the nation’s most established independent insurance brokerage firms, with more than 450 professionals and 11 offices, to Alliant and expands the firm’s growing national footprint and areas of expertise.
“Adding a national leader like Crystal & Company to the Alliant team will add a potent combination of forward-thinking people and best-in-class products and services to what is already one of the nation’s most robust insurance platforms,” said Tom Corbett, Chairman and CEO of Alliant. “As two organizations that share a legacy of entrepreneurialism and specialization, we are well-positioned to provide the industry standard for quality and service in both existing and new verticals as we expand our reach.”
Founded in 1933, New York-based Crystal & Company provides insurance and employee benefits consulting services to a global client base. Currently in its third generation of Crystal family leadership, the firm has established itself as a global leader in the financial institutions space as well as other industry verticals that include energy, technology, real estate, hospitality, consumer products, and retail. In addition, the firm has a best-in-class private client service operation that will significantly enhance Alliant’s presence in that space. Crystal & Company is highly regarded for combining strong local market knowledge and industry specialization with an international reach and focus.
According to Crystal & Company’s Chairman and CEO Jim Crystal, the new alignment will foster the company’s growth and provide an even stronger service platform for its diverse client base.
“Crystal & Company’s commitment to excellence in service, expertise, and innovation fits seamlessly with Alliant’s values and culture,” said Crystal. “This partnership will combine Crystal & Company’s legacy of personal service and industry expertise with the strength of a larger platform. With access to more resources and more reach, Crystal will be even better suited to meet client needs.”
The Crystal & Company team will continue to service clients from its 11 offices throughout the United States while combining forces with Alliant to provide a cohesive offering to its collective client base.
“The Crystal family has an outstanding legacy of leadership in the insurance community and will add significant value to our team at Alliant,” said Corbett. “Jim Crystal will join us as Vice Chairman and Jamie, Jonathan, and Sandy will also play prominent roles in our organization as we build Alliant together.”
Pursuant to the agreement, the transaction is expected to close within the next 30 days, subject to customary closing conditions. Waller Helms Advisors acted as financial advisor and Winston & Strawn represented Crystal & Company in connection with the transaction. Kramer Levin Naftalis & Frankel LLP represented Alliant in connection with the transaction. Terms of the agreement were not disclosed.