In a first-ever merger of its size, three Connecticut firms have joined with 21 others to form Alera Group, an independent national insurance brokerage and wealth management firm.
Based in Deerfield, Ill., the new organization has $158 million in annual revenues and more than 750 employees in 40 offices across 15 states.Terms of the deal were not disclosed.
In Connecticut, the three firms that are members of the Alera Group include Beacon Retiree Benefits Group LLC of Plantsville, CBP of Stamford and the C. M. Smith Agency Inc. of Hartford.
Combined with its peers from across the country, the 24 firms represent the 14th largest independent insurance agency and the seventh largest independent employee benefits firm in the country.
The benefits of the merger include the combined resources, technical experience and best practices of a larger firm, along with the personal service and independent decision-making power of a local business, said Alan Levitz, CEO of Alera Group.
"Our clients' needs are changing and, frankly, our industry has been slow to respond," said Levitz. "We brought together this hand-picked group to do more – and to be more – for our clients and employees."