Houlihan Lokey Advises Premia Holdings

Houlihan Lokey is pleased to announce that Premia Holdings Ltd. (Premia), a portfolio company of Kelso & Company, has sold Alan Gray LLC and A.G. Risk Management, Inc. (collectively, Alan Gray) to Lewis & Ellis, a portfolio company of Novacap. The transaction closed in August 2026.

Built on nearly six decades of actuarial consulting experience, Lewis & Ellis is broadening its ability to help clients understand and manage insurance risk. The combination brings together Lewis & Ellis’ actuarial and regulatory expertise with Alan Gray’s capabilities in specialized claims consulting, litigation support, and insurance operations. Clients gain access to a broader team of specialists across pricing, reserving, complex claims, forensic accounting, legal expense management, and run-off and estate administration within one organization.

“Actuarial expertise remains the foundation of Lewis & Ellis,” said Cabe Chadick, FSA, MAAA, President and Managing Principal of Lewis & Ellis. “Our clients face increasingly complex challenges that require multidisciplinary solutions. Bringing Alan Gray into Lewis & Ellis connects our pricing, reserving, and regulatory work with deep claims and operational experience. This is an important step in our long-term strategy to build a diversified insurance services platform that serves clients across the risk and insurance value chain while remaining grounded in the technical rigor that has always defined our firm.”

Founded in 1988, Alan Gray serves insurers, reinsurers, law firms, and other insurance market participants. Its experience in complex claims, litigation, and legacy insurance liabilities complements Lewis & Ellis’ actuarial and regulatory practices across life, health, and property and casualty insurance.

“Alan Gray’s strength has always been its people and the confidence clients place in their expertise,” said Bill O’Farrell, Chief Executive Officer of Premia. “Lewis & Ellis brings complementary capabilities and a shared commitment to high-quality client service. We believe this combination provides a strong foundation for Alan Gray’s next chapter, giving its professionals broader resources to support their clients.”

The acquisition follows Lewis & Ellis’ combinations with Huggins Actuarial Services and Griffith, Ballard & Company. Together, the three acquisitions reflect a consistent strategy: bringing complementary specialists together to serve insurance clients more comprehensively while building on the professional integrity, technical excellence, and long-term relationships that distinguish each firm.

Houlihan Lokey acted as the exclusive financial advisor to Kelso & Company and Premia on the sale of Alan Gray.

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