US specialty broking powerhouse Alliant has reached a deal to buy its smaller New York-based rival Crystal & Company.
The newly-acquired broking house has 450 staff across 11 offices and specialises in financial institutions as well as energy, technology, real estate, hospitality, consumer products and retail, Alliant said.
It added that Crystal & Co’s private client service operation would significantly boost its own offering.
The terms of the deal were not disclosed however Alliant said it expected the transaction to close in the next 30 days.
“Adding a national leader like Crystal & Company to the Alliant team will add a potent combination of forward-thinking people and best-in-class products and services to what is already one of the nation’s most robust insurance platforms,” said Alliant chairman and CEO Tom Corbett.
“As two organisations that share a legacy of entrepreneurialism and specialisation, we are well-positioned to provide the industry standard for quality and service in both existing and new verticals as we expand our reach.”
Family-run Crystal & Company has been around since 1933 and will continue to operate from its existing offices “while combining forces with Alliant to provide a cohesive offering to its collective client base,” its new parent said.
Crystal chairman and CEO Jim Crystal said the new alignment would “foster the company’s growth and provide an even stronger service platform for its diverse client base”.
“Crystal & Company’s commitment to excellence in service, expertise, and innovation fits seamlessly with Alliant’s values and culture,” he said.
“This partnership will combine Crystal & Company’s legacy of personal service and industry expertise with the strength of a larger platform. With access to more resources and more reach, Crystal will be even better suited to meet client needs.”