Alliant Insurance Services, a Newport Beach, Calif.-headquartered specialty insurance brokerage firm, has entered into a definitive agreement to acquire New York-based Crystal & Company.
Pursuant to the agreement, the transaction is expected to close within the next 30 days, subject to customary closing conditions. Terms of the agreement were not disclosed.
Following the transaction, The Crystal & Company team will continue to service clients from its 11 offices throughout the U.S. while combining forces with Alliant to provide a cohesive offering to its collective client base.
The agreement will serve to expand Alliant’s national footprint and areas of expertise, according to a company press release. According to Crystal & Company Chairman and CEO Jim Crystal, the new alignment will also foster Crystal & Company’s growth and provide a stronger service platform for its client base.
Founded in 1933, 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 operates 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 private client service operation that will enhance Alliant’s presence in that space.
Alliant provides a comprehensive set of property and casualty and employee benefits products and services to clients globally, with positions in construction, public entities, tribal nations, financial institutions, healthcare, energy, law firms, real estate and other industry groups.
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.
Source: Alliant Insurance Services