As president of Alliant Insurance Services, Greg Zimmer engineered its explosive growth by overseeing the acquisition of more than 100 companies.
The company now says its organic growth is fueling sales that are approaching $5 billion this year.
“We are running it north of 20% organic growth this year [in] an industry that’s growing in mid-single digits,” Zimmer told the Business Journal.
That run rate may move the Irvine-based company to No. 5 in the world, up from the current No. 8 position based on annual sales, according to the insurance rating agency A.M. Best.
Zimmer is taking over from Tom Corbett, who was the only employee at Alliant’s Newport Beach office in 1977 back when the company counted zero business in Orange County. Corbett, who became CEO in the early 1990s, won the Business Journal’s Businessperson of the Year in the finance category in 2018.
“During his exceptional career with Alliant, Greg has successfully guided the company through a period of tremendous growth and expansion with both visionary leadership and an entrepreneurial focus,” Corbett, who is now executive chairman, said about Zimmer’s appointment that began in April.
“Greg’s appointment to CEO will ensure long-term stability for Alliant and will support our continued growth well into the future. I believe our best days are ahead of us.”
Success Through Expertise
Alliant, which this year is celebrating its 100th anniversary of its founding in San Diego, pools customers’ premiums to seek the best possible rates from insurance companies.
Corbett became successful by designing proprietary insurance products for areas like health and workers’ compensation, and liability for specific industries such as construction firms.
His agents developed a deep expertise in the sectors they service, such as law firms, restaurants and even valet parking companies. It represents a majority of the Indian nation tribes in the U.S.
“Most insurance brokers are generalists where the type of clients they have are very different,” Zimmer said. “The model we employed within Alliant is more a model of specialization. If your clients believe that you know their industry better than your competitors, they are going to want to do business with you.”
Zimmer, a graduate of UCLA, ran his own financial services firm in San Diego with three other partners primarily in corporate banking and venture capital, which was then acquired in 1996 by the financial arm of General Motors, where he stayed for another two years.
Zimmer joined Alliant in 1998 as its chief financial officer and became its president in 2007, charged with strategic direction at the company, including its mergers and acquisitions.
“If you’re going to transform a business [by] entering new markets, whether it’s a new geography or a new product, you’re not doing that from scratch often,” Zimmer said.
“You identify an opportunity then go and find the best platform out there to build it. It’s been a huge part of our growth story.
“My experience in starting up, growing and ultimately selling a company [all] became invaluable as we grew.”
The company is also ranked as Orange County’s largest insurance broker for the last decade, according to Business Journal data. The company reported revenue in Orange County jumped 26% to $378 million in 2023 (See page 24 for the rankings).
“It’s been a great partnership between Tom and me in building this business and so it was a very natural evolution,” he said. “That continuity is important.”
$4.5B in Rearview Mirror
Alliant is also one of OC’s fastest-growing private companies with companywide revenue of $4.5 billion for 12 months ended June 2024, marking a two-year increase of 48% and breaking its own goal from last year to surpass $4 billion.
“That’s in the rearview mirror. We’re not focused on the number, but [we’re] closer to $5 billion already,” Zimmer said. “Growth continues to be dramatic.”
Roughly 80% of its revenue comes from primarily securing insurance for clients that are businesses, according to Zimmer. The other 20% is tied to working with individuals on their insurance needs, he said.
“Our job is to scan the insurance marketplace to make sure we’re getting the right product and price to that customer,” Zimmer said.
Alliant has tapped into two demographics in the consumer segment, the first including the older generation of individuals age 65 and over who are seeking Medicare, of which Alliant is a large distributor. The company is also targeting the Hispanic community with focuses on health insurance through the Affordable Care Act and automotive insurance.
“Why not come up with specialized product and service offerings that really cater to [their] needs? We believe this is an underserved market that can use expertise and focus,” Zimmer said.
Zimmer believes that the double-digit growth will remain, though perhaps not in the 20% range.
“The needs of our clients have become so much more sophisticated than they were 25 years ago,” he added. “You need scale [to] be able to make the kind of investments we need.
“Our job is to stay the course – continue to work on our business plan and then complement it with opportunities in the future.”
