Canadian pension fund takes stake in Alliant
Canada’s Public Sector Pension Investment Board is investing in Alliant Insurance Services Inc. and the U.S. brokerage’s majority shareholder Stone Point Capital LLC is upping its stake in the firm, Alliant announced Tuesday.
Following the transaction, Greenwich, Connecticut-based Stone Point will remain Alliant’s largest institutional shareholder while the company’s management and producers will continue to own “the majority of the firm,” Newport Beach, California-based Alliant said in a statement.
Stone Point became Alliant’s largest institutional shareholder in 2015. Alliant did not disclose more detail on the investments. An Alliant spokeswoman did not immediately return a call seeking comment.
“Alliant looks forward to partnering with PSP Investments as we enter this exciting new stage in our growth strategy,” said Tom Corbett, chairman and CEO of Alliant.
Alliant is the 10th largest broker of U.S. business with $1.1 billion in U.S. revenues, according to Business Insurance’s 2018 ranking.
Canadian pension funds are some of the largest global private equity investors. Montreal-based pension fund Caisse de dépôt et placement du Québec invested in Alliant rival USI Insurance Services LLC in 2017.
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