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Alliant Insurance coverage Providers (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 figuring out of 288 leased retail websites throughout 13 states, the acquired firm sells non-standard auto insurance coverage and associated companies.
AITN’s insurance coverage choices are underwritten and serviced by the First Acceptance Insurance coverage Group, a gaggle of First Acceptance insurance coverage companies, in addition to via third-party carriers.
As per the phrases of the acquisition settlement, Alliant’s portfolio firm Confie and a few of its associates will operate as unbiased brokers for the non-standard auto insurance coverage merchandise of the First Acceptance Insurance coverage Group which are written via AITN.
First Acceptance president and CEO Ken Russell mentioned: “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 have the ability to concentrate on its insurance coverage firm operations distributing non-standard car insurance coverage merchandise solely via unbiased brokers.”
Confie CEO Cesar Soriano mentioned: “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 mentioned it has established a particular division to deal with its line of consumer-facing companies.
Referred to as Alliant Shopper Group, the brand new unit can be headed by senior managing director Rick Ulmer.
It is going to home Alliant’s principal customer-facing companies: Confie, Senior Market Gross sales and Sunshine Life & Well being Advisors.
Alliant chairman and CEO Tom Corbett mentioned: “We firmly imagine that Alliant’s continued transfer into the buyer area will present great alternative to seize complementary experience throughout every platform.
“Alliant Shopper Group will pave the best way for growth within the client area and supply superior know-how and assets to assist this development.”
Final month, Alliant launched extra truck insurance coverage with a concentrate on middle-market fleet operators.
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