Chicago-based Mesirow Financial announced Wednesday that it is selling its insurance division to Alliant Insurance Services.
The transaction price was not disclosed.
Alliant’s acquisition of Mesirow insurance business contributes to the major broker’s expansion in the Midwest.
“This partnership will create a center of excellence for insurance, employee benefits, and risk management throughout the Midwest,” said Alliant Chairman and CEO Tom Corbett.
Following the transaction, Mesirow Insurance Services will be allowed to keep its name, management, business locations, and employees.
“We had another record year, but our clients are becoming much more national in scope,” said Mesirow CEO Richard Price in an interview with
Crain’s. “Now we have a national presence.”
Price mentioned that Mesirow Financial would retain an undisclosed stake in the insurance unit and that employees would receive shares in exchange for Mesirow Financial holdings.
He also noted that Mesirow Insurance’s revenue increased to $109 million in the year ending March 31.
Mesirow Insurance Services provides property and casualty insurance, employee benefits, life and disability, private client insurance, and structured settlements.
Alliant Insurance Services, based in California, is one of the nation’s largest specialty insurance brokerages. The brokerage posted $829 million in revenue last year.
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