Lewis & Ellis Acquires Alan Gray to Expand Insurance Services Platform

DALLAS, Oct. 14, 2026 /CourierPR/ -- Lewis & Ellis, a Novacap portfolio company, has expanded its insurance services platform with the acquisition of Alan Gray LLC and A.G. Risk Management, Inc., collectively known as Alan Gray. The transaction, which closed on August 31, 2026, marks the firm’s third add-on acquisition since partnering with Novacap in 2023. This move is a significant milestone in Lewis & Ellis’s strategy to become a diversified insurance services platform.

Founded in 1988, Alan Gray has provided specialized insurance consulting services, including claims consulting, quantitative analysis, forensic accounting, and legal expense management. Together with its subsidiary A.G. Risk Management, the business also offers run-off and estate administration, reinsurance services, and accounting and operational support. Alan Gray serves insurers, reinsurers, law firms, and other insurance market participants with a focus on technical expertise, practical solutions, and trusted client relationships.

Since 1968, Lewis & Ellis has earned client trust through practical advice, innovative thinking, and cost-effective service. The firm delivers actuarial, regulatory, claims, and operational solutions backed by specialized expertise and technology. With 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’s actuarial and regulatory expertise with Alan Gray’s capabilities in specialized claims consulting, litigation support, and insurance operations.

Novacap, a North American private equity investor founded in 1981, has been a key partner in Lewis & Ellis’s growth. Novacap focuses on middle market and lower-middle market companies in four core sectors: Technologies, Digital Infrastructure, Industries, and Financial Services. Since its inception, the firm has made primary and add-on investments in more than 250 companies, with over US$12 billion in assets under management.

The acquisition of Alan Gray follows Lewis & Ellis’s 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 served as the exclusive financial advisor to Premia and its shareholder Kelso & Company, while Mayer Brown served as legal counsel. Foley & Lardner served as legal counsel to Lewis & Ellis.