Alliant Insurance Services (Alliant) has acquired the Acceptance Insurance Agency of Tennessee (AITN) from First Acceptance for a cash consideration of up to $120m.
AITN is the retail sales agency operations subsidiary of First Acceptance.
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Through employee-agents working out of 288 leased retail sites across 13 states, the acquired company sells non-standard auto insurance and related services.
AITN’s insurance offerings are underwritten and serviced by the First Acceptance Insurance Group, a group of First Acceptance insurance businesses, as well as through third-party carriers.
As per the terms of the purchase agreement, Alliant’s portfolio company Confie and some of its affiliates will function as independent agents for the non-standard auto insurance products of the First Acceptance Insurance Group that are written through AITN.
First Acceptance president and CEO Ken Russell said: “We are excited about the future of our company following this sale of our retail insurance agency operations.
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By GlobalData“Going forward, our company will be able to focus on its insurance company operations distributing non-standard automobile insurance products solely through independent agents.”
Confie CEO Cesar Soriano said: “This acquisition allows us to broaden our customer reach by expanding our retail presence to over 1,250 stores nationwide. This merger is a significant milestone for both of our companies.”
Separately, Alliant said it has established a special division to house its line of consumer-facing businesses.
Called Alliant Consumer Group, the new unit will be headed by senior managing director Rick Ulmer.
It will house Alliant’s main customer-facing businesses: Confie, Senior Market Sales and Sunshine Life & Health Advisors.
Alliant chairman and CEO Tom Corbett said: “We firmly believe that Alliant’s continued move into the consumer space will provide tremendous opportunity to capture complementary expertise across each platform.
“Alliant Consumer Group will pave the way for expansion in the consumer space and provide superior technology and resources to support this growth.”
Last month, Alliant launched excess truck insurance with a focus on middle-market fleet operators.
