Glendale insurance firm SIU Managers, which specializes in the earthquake market, has been acquired by Newport Beach-based Alliant Insurance Services Inc. as part of a larger, $300 million international insurance deal expected to close next month.
The Glendale brokerage is part of QBE US Agencies, three specialty-focused enterprises that comprise the U.S. operations of Sydney, Australia-based QBE Insurance Group Ltd.
The three agencies will become part of Alliant’s subsidiary Alliant Specialty Insurance Services, headed by President Sean McConlogue. The deal includes a cash payment of $217 million, with the remainder to be paid over the next five years, according to a statement by QBE.
The other two companies involved in the deal are Irving, Texas-based Deep South Insurance Services, which focuses on the transportation industry; and Newtown, Penn.-based Community Association Underwriters of America, which serves community associations, condos and homeowners associations.
Alliant is among the largest insurance brokerages in the U.S. and the largest with headquarters in Orange County. It had about $548 million in revenue in 2013, the latest year of available data. Publicly traded QBE is one of the largest insurers and reinsurers in the world. It had about $17.8 billion in revenue in 2013.