Alliant Insurance Services is cultivating its insurance services for farmers with the purchase of Todd Garibaldi Insurance Agency Inc.
Todd Garibaldi, headquartered in Lodi, California, provides insurance to farmers, wineries, restaurants, vegetable growers, packagers and processers. The group provides workers compensation, automobile, life and property insurance, and also crop insurance. Terms of the deal were not disclosed.
Buying Todd Garibaldi is part of Alliant’s plan to grow through acquisitions as it works to increase its focus on agribusiness construction, public entity, energy, tribal nations and employee benefits. This is the second agribusiness-focused purchase for the Newport Beach, California-based buyer, following a deal for crop insurer Mary Roach Insurance Agency Inc. in June.
Alliant is majority owned by Stone Point Capital, which invested in the insurer in June. The group has also been backed by private equity giant Kohlberg Kravis Roberts & Co. LP (NYSE: KKR), since 2012. Stone Point and KKR collaborated on another insurance deal in June, when the firms recapitalized Privilege Underwriters, the holding company for the Pure Group of Insurance Companies.
The insurance industry has been consolidating for years. Recent transactions include Apax Partner's acquisition of GTCR-backed AssuredPartners Inc., and Tokio Marine Holdings Inc.'s deal for HCC Insurance Holdings Inc. For more on M&A in the industry, check out Insurance Firms Find Bigger May Be Better.