Two dozen benefits, P/C, wealth management firms merge to form Alera Group

A total of 24 independent employee benefits, property/casualty, risk management and wealth management firms have merged to form Alera Group, an independent national insurance brokerage and wealth management firm.

The new organization, based in Deerfield, Ill., has $158 million in annual revenues and more than 750 employees in 40 offices across 15 states, as well as more than 20,000 clients.

According to a statement from the firm, the merger marks the first time that 24 independent firms in the industry have combined forces.

Terms of the merger were not disclosed.

“Our clients’ needs are changing and, frankly, our industry has been slow to respond,” said Alan Levitz, CEO of Alera Groupand former CEO of GCG Financial, Inc., now an Alera company. “We brought together this hand-picked group to do more – and to be more – for our clients and employees. Clients will see two benefits rarely delivered by a single organization. First, they will get the combined resources, technical experience and best practices of a larger firm. Second, they will continue to receive the personal service and independent decision-making power of a local business. Our goal is to set a new, higher standard for their experience.”

According to a statement from Alera Group, the new firm is the 14th largest privately held insurance firm and 7th largest privately held employee benefits firm in the U.S. It was formed with investment from Genstar Capital, LLC, a leading middle market private equity firm, and brokerage assistance from consulting and investment banking firm Marsh, Berry & Company, Inc. Industry veterans Alan Levitz (Chief Executive Officer), Billy Corrigan (Chief Financial Officer), Rob Lieblein (Chief Development Officer) and Peter Marathas (Chief Legal Counsel) will be serving in key leadership roles within the executive team of Alera Group. The group brings a combined 100 years in the insurance and financial services industry to the new organization.

“We are partnering with an exceptional leadership team founded on the reputation of excellence, which is fostered within these 24 foundational firms,” said J. Ryan Clark, president and managing director at Genstar. “Our prior investments and experience in the insurance distribution space will help accelerate the growth of Alera Group as we provide capital to support the strategic and financial objectives of this new company.”

Rob Lieblein, chief development officer of Alera Group, added, “Our committed focus on clients will lead to growth both organically and through strategic acquisitions. Alera Group’s business model provides a unique opportunity for other entrepreneurial financial services firms to grow their business. This is a chance to be part of a larger, innovative organization while retaining equity in Alera Group.”

These are the founding insurance and financial services firms within Alera Group:

• A&B Insurance and Financial, Inc., Tampa, FL

• American Insurance Administrators, Inc., Mechanicsburg, PA

• Ardent Solutions, Sugar Land, TX

• Beacon Retiree Benefits Group LLC, Plantsville, CT

• Benefit Advisors Network, Solon, OH

• Benico, Ltd., Huntley, IL

• CBP, Stamford, CT

• C.M. Smith Agency, Inc., Hartford / Central CT

• Centennial, Costa Mesa, CA

• Coury Health Services, Inc., Pittsburgh, PA

• CPI-HR, Solon, OH

• Forum, Greenville, SC

• GCG Financial, Inc., Deerfield, IL/ Greenwood Village, CO

• Group Services, Inc., Bettendorf, IA

• HMK Insurance, Bethlehem, PA

• INGROUP Associates, Inc., Lancaster, PA

• JA Counter, New Richmond, WI

• Pentra, Inc., Villanova, PA

• PWA Insurance Services, Gold River, CA

• Relph Benefit Advisors, Fairport, NY

• Shirazi Benefits, Greeley, CO

• SIG (Silberstein Insurance Group), Baltimore, MD

• TRUEbenefits, LLC, Seattle, WA

• Virtus Benefits, LLC, Nashville, TN