Lewis & Ellis Acquired Alan Gray for Service Expansion
The firm expanded its reach into insurance claims and litigation support with its third add-on deal since 2023.
Updated on Oct. 14, 2026 in Business Strategy
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Lewis & Ellis finalized the acquisition of Alan Gray LLC and A.G. Risk Management from Premia Holdings Ltd. on August 31, 2026. This move integrates specialized claims consulting into the existing actuarial services of the Dallas-based firm.
Why it matters
The deal advances a long-term strategy to build a diversified, one-stop insurance services platform by cross-selling actuarial and regulatory expertise with claims support. It underscores a trend of consolidation among firms seeking to offer comprehensive support in insurance operations.
Lewis & Ellis has now completed three add-on acquisitions since beginning its partnership with Novacap, which manages over US$12 billion in assets across 250 portfolio companies. Meanwhile, seller Premia Holdings has historically assumed more than $5 billion in insurance liabilities.
The players
Lewis & Ellis
An actuarial and consulting firm providing insurance and regulatory services since its founding in 1968.
Alan Gray LLC
A Boston-based firm specializing in insurance claims consulting and risk management.
Premia Holdings Ltd.
A global firm focused on assuming and managing insurance liabilities with operations in Bermuda, the UK, and Europe.
Novacap
A private equity firm with over US$12 billion in assets under management and a portfolio of approximately 250 companies.
Houlihan Lokey
A global investment bank providing financial advisory services to corporate clients and institutional investors.
The details
Lewis & Ellis is operationalizing its actuarial and regulatory background by absorbing the specialized insurance and claims management capabilities of Alan Gray. The integration aims to combine these service lines into a unified platform to capture broader market demand for outsourced insurance functions. Houlihan Lokey served as the exclusive financial advisor for the transaction, which encompasses both Alan Gray LLC and A.G. Risk Management, Inc.
Timeline
1968: Lewis & Ellis was founded.
1988: Alan Gray was founded.
2023: Lewis & Ellis partnered with Novacap.
August 31, 2026: The acquisition transaction closed.
October 14, 2026: The deal was publicly announced.
Market Landscape
This transaction follows the growth pattern established by the 2023 partnership between Lewis & Ellis and Novacap. It reflects a broader trend of private-equity-backed firms aggregating niche insurance service providers to scale diversified platforms.
Operators looking to scale through acquisition should evaluate whether their internal infrastructure can support the integration of distinct, specialized service lines. Focus on identifying potential operational synergies between your core technical expertise and the new capabilities brought in by the target firm.
The takeaway
Successful roll-ups rely on integrating specialized expertise into an existing platform rather than merely expanding the service menu. Monitor how your firm's integration process compares to the add-on pace of private-equity-backed competitors in your sector.
Further reading
For context on how professional services firms are scaling, review the latest updates in Business Strategy.
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