Lewis & Ellis acquires Alan Gray and its subsidiary A.G. Risk Management from Premia Holdings. The transaction completed on 31 August and was announced on 14 October. No consideration is disclosed. Alan Gray was founded in 1988 and is headquartered in Boston. It provides claims consulting, quantitative analysis, forensic accounting and legal expense management, and through A.G. Risk Management also offers run-off and estate administration, reinsurance services, and accounting and operational support. Its clients are insurers, reinsurers, law firms and other insurance market participants. Lewis & Ellis has provided actuarial consulting since 1968 and works across the life, health and property and casualty markets, offering actuarial, regulatory, claims and operational services. The firm is headquartered in Dallas and lists ten offices, nine of them in the United States and one in London. The acquisition is the third Lewis & Ellis has made since the firm took investment from Novacap in 2023, following combinations with Huggins Actuarial Services and Griffith, Ballard & Company. Cabe Chadick, president and managing principal of Lewis & Ellis, says: "Actuarial expertise remains the foundation of Lewis & Ellis. Our clients face increasingly complex challenges that require multidisciplinary solutions. Bringing Alan Gray into Lewis & Ellis connects our pricing, reserving and regulatory work with deep claims and operational experience." Premia is a reinsurance group acquiring and reinsuring discontinued and legacy non-life insurance and reinsurance portfolios and companies, with operations in Bermuda, the US, the UK including at Lloyd’s, and continental Europe. The group states that it has assumed more than US$5 billion of insurance liabilities through reinsurance transactions and acquisitions. Houlihan Lokey acted as exclusive financial adviser to Premia and its shareholder Kelso & Company, with Mayer Brown as legal counsel. Foley & Lardner acted as legal counsel to Lewis & Ellis. Novacap is a Canadian private equity firm founded in 1981, with more than US$12 billion of assets under management and offices in Montreal, Toronto and New York. Lewis & Ellis runs a reinsurance and captive services practice. Its alternative risk transfer service line covers risk assessment, feasibility studies, funding studies and renewal pricing, retention studies, reserve analysis, risk transfer review, programme development, underwriting review, portfolio transfer analysis and enterprise risk management. The firm states that it advises clients contemplating the establishment of an alternative risk transfer vehicle such as a captive insurance company or a self-insurance programme, across the planning, development, operational and wind-up stages.
