US insurance company Alera Group has acquired New York-based insurance agency Austin & Co. for an undisclosed price.
The acquisition of Austin & Co. is expected to expand the employee benefits and property and casualty expertise of Alera Group.
Headquartered in Albany, Austin & Co. has been in operations for more than 165 years by catering to clients throughout the Northeast US. The company’s services are employee benefits, commercial and business insurance, HR consulting services and others.
Austin & Co. is said to have a particular emphasis on designing unique programmes and services for its educational clients.
Alera Group CEO Alan Levitz said: “Austin & Co. is an exciting addition to Alera Group. The management team has a great deal of experience and expertise and will be welcome partners within our collaborative culture.
“Their local reputation as an outstanding firm immediately adds to our presence in the northeast and brings additional regional and national capabilities, elevating the Alera Group client experience.”
All the employees of Austin & Co. will continue to operate from its existing locations.
Austin & Co president James Sidford said: “Joining Alera Group is a thrilling opportunity for our firm as we continuously strive to serve our clients with the industry’s leading solutions and expertise.
“The collaborative culture of Alera Group will allow us to continue to exceed our clients’ expectations, while growing and strengthening the deep relationships we have in our local community.”
Alera Group, which was created in January 2017, is an independent, national insurance and financial services company, which was formed through the merger of 24 independent employee benefits, property/casualty, risk management, and wealth management firms.
In May 2019, the insurance firm acquired California-based HighRidge Insurance Services, which offers employee benefits services to clients across the state. In the same month, Alera Group made three more acquisitions that of ARMS Insurance Group, Shepler & Fear General Agency, and Shomer Insurance Agency.
ARMS is a Pennsylvania-based general agency, which serves insurance brokers across western Pennsylvania and the surrounding states. On the other hand, Shepler & Fear is a general agency based in California, while Shomer provides insurance and risk management programs to clients throughout the same state.