Posted on 04 Jan 2011
Alliant Insurance Services, a national specialty insurance brokerage firm, bought T&H Group, a regional full-service insurance brokerage firm based in New York City. Financial terms of the deal were not disclosed.
T&H Group is one of the 40 largest commercial property and casualty and employee benefits brokerages in the U.S. The form, which operated as Tanenbaum-Harber Co. until changing its name in 2010, was established in 1860 and primarily targets upper middle-market clients throughout the eastern region of the country through its operating subsidiaries that include T&H Brokers, T&H Benefits, RFF & Associates, and Construction Insurance Corp. and Surety Associates (CIC/SA).
T&H Group has 242 employees in offices in nine states: New York, New Jersey, Connecticut, Massachusetts, Pennsylvania, Maryland, Illinois, Florida, and California.
T&H Group is headed by CEO Walter Harris, who will serve as vice chairman of Alliant and become a member of Alliant’s senior management team. Harris has been with T&H for more than 30 years, and the business has been led by his family for more than 40 years. Other key executive officers of T&H are
Richard Ferrucci, who has worked in the surety and construction insurance industry with more than 40 years, and Richard Fleder, who has 35 years of experience in the employee benefits industry.
Tom Corbett, chairman and CEO of Alliant, based in Newport Beach, Calif., said in a statement that T&H and Alliant are “great strategic, operational and philosophical matches for each other on nearly every level of business, from diversity of services to the specialized industries we serve, to the size and type of clients we target, to our respective commitments to providing highly responsive, personalized service.”
Harris, of T&H, said the acquisition by Alliant makes “great business sense” for his company “since it provides T&H Group with greatly expanded resources, market relationships, and specialized services that will enhance the value we deliver to our clients.”
Alliant provides property and casualty, workers’ compensation, employee benefits, surety, and financial products and services to about 20,000 specialized clients nationwide.