Insurance firm Moloney O’Neill sold to California company
Spokane insurance firm Moloney O’Neill has been sold to a larger California company, Alliant Insurance Services.
Terms of the acquisition were not disclosed.
Founded in 1947 by Spokane natives Jack Moloney and Dick O’Neill, the company grew into a diverse business with more than 100 area employees and offices in Spokane and Coeur d’Alene.
According to a release, the firm’s employee benefits and life divisions will join Alliant’s existing Northwest operation. Included in the deal were two subsidiary groups: Corkery and Jones Benefits and Moloney O’Neill Life, said Chairman John Moloney.
“For people outside the company, we’re all just part of the same operation, Moloney O’Neill,” he said. No jobs cuts are expected.
The main focus for Alliant is development of operations in the Northwest.
“We are the first step in that. We anticipate growth over time in Spokane,” Moloney said.
Moloney O’Neill’s executive team will continue to operate the company under its current name and brand, a news release noted.
The Moloney O’Neill partner group will gain an equity stake in Alliant, the release said.
Alliant, based in Newport Beach, California, was founded in 1925 and is one of the nation’s largest insurance brokerage firms. Its customers include governments, tribes, health care entities, law firms and companies involved in energy, real estate and construction.
In particular, Alliant has a strong focus on employee benefit insurance, an increasingly complex area with significant company incentives to reduce costs, Moloney said.
“The addition of Moloney O’Neill’s employee benefits practice to Alliant adds significant talent and innovative programs that will make Alliant the preeminent employee benefits consulting firm in the Northwest,” an Alliant senior vice president, Kevin Overbey, is quoted as saying in a press release.