KKR-backed insurance firm snaps up agri specialist

Alliant Insurance Service acquired Todd Garibaldi Insurance Agency to strengthen agribusiness speciality with central California investment.

KKR-backed Alliant Insurance Service, a speciality insurance broker, has acquired Todd Garibaldi Insurance (TGI) Agency to strengthen its position in central California.

TGI provides insurance to farmers, wineries, restaurants, vegetable growers, packagers and processers, and is based in Lodi, California.

It is the second agribusiness-focused agency Alliant has acquired this year. In June, the broker brought Mary Roach Insurance Agency (MRI), a crop insurance provider.

The broker now has 10 offices in California serving farmers and growers with six of the offices located in the agriculture-heavy Central Valley.

“The growth of our agribusiness offering has been exponential,” John Day, managing director of Agribusiness and Food Services at Alliant Insurance Services, said in a statement. “Todd Garibaldi and his team at TGI strengthen our position as the leading provider of risk management services in ag today.”

Garibaldi will join Alliant as senior vice president for the Agribusiness and Food Services sector. Garibaldi said Alliant provides his clients with “admission to a wider array of risk mitigation tools, insurance and surety products, and significant technological tools.”

Alliant is backed by Stone Point Capital, which owns the majority of it, and private equity giant KKR, who acquired Alliant in June 2012 from Blackstone. The investment was made from its North American XI fund.