Centri Business Consulting has made its very first acquisition, as the top 200 accounting firm completed a deal with Altair Associates, a Minneapolis-based property and casualty insurance and reinsurance underwriting and claim services firm, on June 12.
Financial terms of the deal weren’t disclosed.
The addition of Altair’s Minneapolis headquarters expands Centri’s geographic footprint to 10 office locations across the U.S. The acquisition is the first in a series of strategic moves Centri expects to make in the near-term as part of its growth plan.
Philadelphia-based Centri advanced that plan last month with the closing of a $20 million credit facility from Citizens Bank.
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The plan calls for geographic expansion, targeted acquisitions, talent investments, additional artificial intelligence and technology integrations, and the continued strengthening of key service capabilities, with a goal of growing from just over 200 professionals across nine offices before the Altair deal to 600 in 17 locations by 2030, Centri says.
The acquisition of Altair significantly expands Centri’s insurance practice, said Michael Aiello, CEO and managing partner of Centri.
“Altair has spent more than three decades providing specialized underwriting and claim advisory services to the insurance and reinsurance industry,” Aiello said in a statement on June 17. “That kind of focused expertise is extraordinarily difficult to build. [Altair CEO and President] Bob Drag and his team have earned a worldwide reputation, and the depth of knowledge they bring to our clients across the insurance and reinsurance space is exactly what we were looking for in a first acquisition. This is a firm that shares our commitment to quality and our belief that the best outcomes come from genuine partnership. We are proud to welcome them to the Centri family.”
Founded in 1990 by Drag and the late John Webb, Altair has built more than three decades of specialized support dedicated to underwriting, claims, and transactional advisory for the property and casualty insurance sector. The firm’s 30-plus professional underwriting and claim staff, assisted by an experienced audit advisory coordinator staff, operate from locations throughout North America and in London. Altair’s client base extends throughout the U.S., Canada, the Caribbean, Bermuda, the London market, Europe, Asia, and beyond.
“Building Altair over the past 36 years has been the highlight of my 54-year insurance career,” Drag said in a statement. “When I decided to look for a partner to take Altair to the next level of expertise in servicing the insurance and reinsurance industry and utilize our people and reputation to best grow and broaden our horizons, I discovered Centri, a firm that approaches this business the same way we do: with deep expertise, real accountability, and a genuine investment in the people on both sides of every engagement. I know Altair’s clients and our team of dedicated professionals are in good hands and positioned for long-term success through this partnership.”
Drag will remain as Altair’s president and serve as senior director for Centri. He will continue to provide oversight, guidance, and daily involvement, overseeing client relationships and supporting integration, Centri says.
Altair’s capabilities bolster Centri’s existing insurance practice, led by Joe Hayes, managing director and insurance practice leader, and John Swanick, senior director. Altair’s specialized expertise in underwriting, claims, and transactional advisory in the reinsurance space extends what Hayes and Swanick have built in ways that would have taken years to replicate organically, Centri officials say.
“What stood out as much as Altair’s capabilities, world-class clients, and expertise was how closely their culture mirrors our own. Altair runs a disciplined, team-driven operation built on a core commitment to client relationships and quality,” Zach Agins, vice president of corporate development at Centri, said in a statement. “That cultural alignment makes integration work and ensures that clients experience the same level of excellence they have always received. We’ve been deliberate about building the foundation for inorganic growth, and this acquisition is the first tangible expression of that strategy. Altair is the right first partner and the beginning of Centri’s next chapter.”
Photo credit: Centri Business Consulting/Instagram
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