Newport Beach-based insurance brokerage Alliant Insurance Services Inc. has acquired a San Francisco-based employee benefits firm.
Alliant, the county’s largest insurance brokerage, acquired ArlenGroup, a 15-year-old business that specializes in serving technology and professional services companies with 50 or more employees.
Terms of the deal weren’t disclosed.
ArlenGroup, which will keep its name, has more than 40 employees and an additional office in Walnut Creek.
The acquisition was funded through $160 million Alliant recently raised as well as its own stock and cash.
Alliant executives told the Business Journal earlier this month that it was raising money through senior secured debt to fund the purchase of California and East Coast brokerages that will add to Alliant’s industry specialization.
“The acquisition of ArlenGroup is a strategic move to expand Alliant’s employee benefits practice in the San Francisco Bay Area and throughout the country,” Alliant Chief Executive Tom Corbett said.
Alliant’s two primary business lines are property and casualty and employee benefits.
Alliant is the 11th largest insurance brokerage in the country and employs 1,143 people in 22 states.
It employs 155 people in Orange County.
The company expects to hit $360 million in revenue this year, according to officials.
