Regional Leader Centri Business Consulting acquired Minneapolis-based Altair Associates, effective as of June 12.
The deal is Centri's first acquisition and significantly expands its insurance practice. Altair specializes in underwriting, claims and transactional advisory services for the property and casualty insurance sector. It has over 30 employees, and the deal expands Centri's footprint to 10 offices across the U.S.
"Altair has spent more than three decades providing specialized underwriting and claim advisory services to the insurance and reinsurance industry," Michael Aiello, CEO and managing partner of Centri, said in a statement Wednesday. "That kind of focused expertise is extraordinarily difficult to build. 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."
Based in Philadelphia, Centri is an
Last month, the firm closed a $20 million credit facility from Citizens Bank, with the purpose of geographic expansion, targeted acquisitions, talent investments, AI and technology integrations, and strengthening its key services. Centri aims to grow to over 600 employees across 17 locations by 2030.
Bob Drag, president and CEO of Altair, commented, "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 Altair's president and serve as senior director for Centri.
