Altaline Capital completes growth investment in insurance consultancy RRC

• RRC’s leadership remains unchanged, with co-chief executive officers LeeAnne Creevy and Tricia Matson continuing to lead the firm
• The deal adds two new board members: former Willis Towers Watson chief executive John Haley and former Marsh Captive Solutions president Ellen Charnley
• Altaline plans to help RRC add credentialed actuaries and specialists as regulatory demands grow, alongside a new employee ownership program

Altaline Capital Management has completed a undisclosed growth investment in Risk & Regulatory Consulting, a Farmington, Connecticut-based independent provider of actuarial, financial/IT and compliance support services to US insurance regulators.

Founded in 1988, RRC has worked with state insurance departments for nearly 40 years, serving 44 states and jurisdictions with a team of about 160 professionals. Its work spans financial/IT examinations, market conduct examinations, actuarial services, insolvency and receivership support, market studies and investment analysis.

RRC’s leadership and service offering are unchanged following the deal. Creevy and Matson continue as co-chief executive officers, and client engagements are continuing without interruption.

“As part of our investment research work, we found the public sector actuarial solutions market to be compelling and RRC, in particular, to have all the attributes we look for here at Altaline,” said Sebastian O’Neill, principal at Altaline. “Nearly four decades of regulatory relationships, genuine technical depth and national coverage…we intend to help RRC remain the one that does it best.”

The deal is Altaline’s fourth platform investment in the compliance, safety and risk category over the past 12 months, building on the firm’s record across financial services. Altaline said it intends to help RRC add credentialed actuaries and specialists to meet that demand.

Haley and Charnley have joined RRC’s board alongside O’Neill and Altaline’s Rafael Telahun. Both directors were recruited through the Altaline Executive Network, a program that connects Altaline’s platform companies with executives from adjacent markets. Haley was chief executive officer of Willis Towers Watson from 2016 to 2021, having led its predecessor businesses since 1998; Charnley spent seven years as president of Marsh Captive Solutions, the world’s largest captive insurance manager, capping a 28-year career in captive insurance.

Altaline was advised by Citizens Capital Markets & Advisory as financial advisor, Oliver Wyman on commercial strategy, RubinBrown on accounting and tax, BakerHostetler and Calfee Halter & Griswold as legal counsel, Crosslake on technology, and Howden on insurance and benefits diligence. Apogem Capital provided debt financing and Align Collaborate provided equity financing.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.