Newport Beach’s Alliant Insurance Services has acquired a New York-based insurance brokerage firm in its second acquisition in less than a month.
Alliant, the county’s largest insurance brokerage, acquired T&H Group, one of the 40 largest commercial property and casualty and employee benefits brokerages in the country.
Terms of the deal weren’t disclosed.
T&H, which operated as Tanenbaum-Harber Co. until last year, was established in 1860 and primarily targets upper middle market clients throughout the East.
The company specializes in construction and real estate, two of Alliant’s many concentrations.
T&H has 240 employees in nine states.
The company is headed by Chief Executive Walter Harris, who was named vice chairman of Alliant and will serve on the brokerage’s senior management team.
The acquisition was funded through $160 million Alliant recently raised as well as its own stock and cash.
Alliant executives told the Business Journal in early December 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.
In late December, Alliant acquired San Francisco-based ArlenGroup, a 15-year-old business that specializes in serving technology and professional services companies with 50 or more employees.
The latest acquisitions are Alliant’s first sizable deals since 2008, when it acquired Seattle’s ClearPoint, a company that ran one of the largest employee benefits businesses in Washington state.
In 2006, Alliant paid $100 million for the U.S. businesses of Britain’s Jardine Lloyd Thompson Group PLC.
The company made two smaller purchases in 2010, buying J.D. Tanner & Associates, a Dallas area agency that specializes in the trucking industry, and Almond Valley Insurance Services Inc., a regional employee benefits brokerage in Chico.
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.
