Actuarial consultancy Lewis & Ellis has acquired claims and insurance operations consultancy Alan Gray from Premia Holdings.
The deal closed on August 31, and financial terms were not disclosed.
The acquisition includes Alan Gray LLC and A.G. Risk Management. It is Lewis & Ellis’s third add-on since private equity firm Novacap invested in the business in 2023, following its deals for Huggins Actuarial Services and Griffith, Ballard & Company.
Founded in 1988, Alan Gray works for insurers, reinsurers, law firms and other market participants on complex claims, litigation support, forensic accounting, legal expense management, and run-off and estate administration. Lewis & Ellis, which has nearly six decades of actuarial consulting experience, provides pricing, reserving and regulatory work across life, health and property and casualty insurance.
Cabe Chadick (pictured, left), president and managing principal of Lewis & Ellis, said clients increasingly need help from several disciplines at once.
“Bringing Alan Gray into Lewis & Ellis connects our pricing, reserving and regulatory work with deep claims and operational experience,” Chadick said.
Bill O’Farrell (pictured, right), chief executive of Premia, said the combination would give Alan Gray’s professionals broader resources to support their clients.
Lewis & Ellis described the deal as a significant step in becoming a diversified insurance services platform rather than a pure actuarial firm. The strategy reflects a wider trend among private equity-backed consultancies, which are bringing together actuarial, claims, regulatory and operational expertise so they can serve carriers across more of their business.
For Premia, a legacy and run-off specialist, the sale separates a consulting business from its core activity of acquiring and managing insurance liabilities that are no longer being actively written.
For insurers and reinsurers, the combined firm offers a single source for work that has usually been split between actuaries and claims specialists. That is particularly relevant in legacy and run-off transactions. There, reserve analysis, claims review and administration of liabilities all feed into how a book is valued and transferred.
Carriers dealing with rising claim severity and litigation costs may also find value in pairing reserving expertise with hands-on review of complex claims. Social inflation has made it harder to set reserves on long-tail lines, and that work increasingly depends on understanding how individual claims are developing.
