California-based Alliant Insurance Services has acquired One Source Risk Management, an insurance brokerage firm with offices in both the US and Canada.
Terms of the agreement were not disclosed.
One Source Risk Management is a broker of credit and political risk insurance, headquartered in Houston, TX. The company maintains offices across the US and Canada, and provides clients with protection against excessive bad debts and customer insolvency.
The acquisition of One Source leads up to Alliant’s launch of a new industry vertical within Alliant Specialty, called Alliant Trade Credit.
“The addition of One Source advances our credit and political risk capabilities to position Alliant as a leader in this sector,” said Alliant chairman and CEO Tom Corbett.
"The One Source team is pleased and excited to be part of the Alliant organization,” added One Source Risk Management president George Babeu. “Having Alliant as our parent will help us continue to expand our footprint throughout North America, and dramatically broaden our product offerings and value to our clients."
“We are excited to launch this new vertical and look forward to offering our clients One Source’s cost-effective and profit-enhancing solutions,” commented Alliant Specialty president Peter Arkley on the establishment of Alliant Trade Credit.
Arkley added that the need for trade credit and political risk offerings will continue to grow this year, and that Alliant is well-positioned to meet this demand thanks to the deal.