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Alera acquires Arizona-based Schwartz Insurance

Scottsdale Arizona AZ.jpg

Genstar-backed top-20 retail broker Alera Group has acquired Arizona-headquartered Schwartz Insurance Agency for an undisclosed sum.

The transaction will grow Deerfield, Illinois-based Alera's commercial P&C operations, as Schwartz provides placement, risk management, claims administration and analysis, training and benchmarking services.

The deal will also expand Alera’s footprint in Arizona. Schwartz will join the group through Benefit Commerce Group (BCG), Alera’s subsidiary based in Scottsdale.

Alera said that Schwartz team members will relocate to the BCG offices and continue serving clients in their existing roles.

Commenting on the deal, Alan Schwartz, CIC and managing principal at Schwartz Insurance, said: “We focus on our clients’ objectives and then apply our knowledge, experience and trusted relationships to design programs that achieve the intended outcome.”

“Our years of industry experience allow us to consult, develop and implement risk management strategies that pinpoint the most effective action for our clients,” he added.

Schwartz’s acquisition comes after Alera struck a deal to merge with smaller peer Propel in a transaction that created a business with ~$275mn of Ebitda.

The deal, revealed by this publication in early September, represented the first recent merger between private equity-backed retail broking platforms. It created a combined business valued in the ballpark of $4bn.

Alera had in excess of $225mn of Ebitda, while Tahoma, Washington-based Propel brought an additional ~$50mn of Ebitda to the group.

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