Altaline Makes Strategic Growth Investment in Risk & Regulatory Consulting
Altaline Capital Management (“Altaline”) announced that funds advised by the firm have completed a strategic growth investment in Risk & Regulatory Consulting (RRC), a leading independent provider of actuarial, financial and IT, compliance, and related professional services to insurance regulators across the United States.
The investment is designed to support RRC’s continued expansion while strengthening its ability to meet the increasingly complex needs of state insurance departments. With nearly four decades of experience serving regulators, RRC has established a broad national presence and a reputation for specialized technical expertise.
Founded in 1988, RRC has spent nearly 40 years supporting state insurance departments and related organizations. The company currently employs approximately 160 professionals nationwide and provides services to 44 states and jurisdictions.
RRC’s comprehensive service offering includes financial and IT examinations and analysis, market conduct examinations, actuarial services, insolvency and receivership support, market studies, and investment analysis. Through these services, the firm helps regulators evaluate the financial strength, operational practices, compliance, and market activities of insurance companies.
Supporting Continued Growth and Technical Expertise
Following the investment, RRC’s leadership, teams, and service offerings will remain unchanged. LeeAnne Creevy and Tricia Matson will continue serving as Co-Chief Executive Officers, while existing client engagements will proceed without interruption.
The partnership comes at a time when state insurance regulators are confronting a rapidly changing risk environment. Emerging challenges such as climate exposure, cybersecurity threats, private credit investments, artificial intelligence, and automation are increasingly becoming part of routine regulatory examinations.
At the same time, structural changes within the insurance industry—including the continued growth of excess and surplus lines, as well as the increased use of fronting arrangements and captive insurance structures—are creating additional demands for specialized regulatory expertise.
Altaline plans to support RRC as the company expands its team of credentialed actuaries and other specialists to address these evolving requirements.
“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 Capital Management.
He added that RRC’s combination of long-standing regulatory relationships, technical expertise, and nationwide coverage made the company particularly attractive as an investment opportunity.
“Nearly four decades of regulatory relationships, genuine technical depth and national coverage. Very few firms can do this work at the standard regulators now need, and we intend to help RRC remain the one that does it best,” O’Neill said.
Shared Vision for Expansion
For RRC, the partnership with Altaline is intended to accelerate the company’s existing growth strategy while maintaining its focus on service quality and continuity.
“We met the Altaline team at an industry conference and have been impressed by our interactions with them over the last year as we contemplated a potential transaction,” said LeeAnne Creevy, Co-Chief Executive Officer of RRC.
According to Creevy, discussions with Altaline demonstrated that the two organizations shared a similar vision for the future of RRC.
“As we got to know their team, it became clear to us that our growth vision could be accelerated by partnering with them,” she said. “What mattered to us was the shared vision: growth and expansion rooted in continuity and excellence in service delivery.”
RRC also intends to use the additional resources available through the partnership to expand its reach and strengthen its workforce.
“We want to serve more regulators, and provide more of what they need, than we can today,” said Tricia Matson, Co-Chief Executive Officer of RRC. “That takes credentialed people and it takes capital. Altaline is committed to both.”
Employee Ownership and Talent Development
A key component of the partnership will be Altaline’s employee-focused impact initiatives. RRC plans to implement Altaline’s broad-based employee ownership program, providing substantially all of the company’s employees with an opportunity to become equity owners in the business.
The initiative is intended to create greater alignment between employees and the company’s long-term growth while giving RRC’s workforce a direct stake in the value they help create.
Matson also highlighted plans to introduce Altaline’s domestic technical talent training and apprenticeship program at RRC. The initiative is expected to help develop the next generation of professionals in actuarial science and related technical disciplines.
“We are excited to embrace Altaline’s impact programming, starting with its broad-based employee ownership program, which we will implement at RRC and which will allow substantially all of RRC’s staff to be equity owners in our business for the first time,” Matson said.
She added that RRC hopes the technical training and apprenticeship program will help establish the company as an attractive destination for emerging actuarial and adjacent technical talent.
Experienced Executives Join RRC Board
The investment will also expand RRC’s board of directors. John Haley and Ellen Charnley will join the board alongside Altaline representatives Sebastian O’Neill and Rafael Telahun.
Haley and Charnley were recruited through the Altaline Executive Network (AEN), a program designed to connect Altaline’s portfolio companies with experienced executives who have successfully built and managed businesses in adjacent markets.
Haley previously served as Chief Executive Officer of Willis Towers Watson from 2016 to 2021 and led its predecessor businesses beginning in 1998. During his career, he also gained extensive experience in actuarial consulting, having started his professional career as a consulting actuary.
Charnley brings more than 28 years of experience in captive insurance. She served as President of Marsh Captive Solutions for seven years through the end of 2024. Marsh Captive Solutions is a major global captive insurance manager, managing approximately 1,900 captives across more than 55 domiciles.
Their industry experience is expected to provide RRC with additional strategic and operational expertise as the company expands its services and customer base.
Investment Support and Long-Term Outlook
Altaline was supported by a range of financial, commercial, accounting, legal, technology, and insurance advisors in connection with the transaction. Citizens Capital Markets & Advisory served as financial advisor, while Oliver Wyman provided commercial strategy advice. RubinBrown acted as accounting and tax advisor, with BakerHostetler serving as transaction counsel and Calfee, Halter & Griswold as financing counsel.
Additional advisory support was provided by Crosslake for information technology and Howden for insurance and benefits diligence. Apogem Capital provided debt financing, while Align Collaborate provided equity financing.
The investment represents another step in Altaline’s broader strategy of investing in specialized service businesses across the financial services, compliance, safety, and risk sectors.
For RRC, the partnership provides additional capital, expertise, and resources to expand its workforce and capabilities while maintaining the leadership and service standards that have defined the company for nearly four decades.
As insurance markets continue to evolve and regulators face increasingly sophisticated risks, RRC aims to strengthen its role as a trusted technical partner to state insurance departments. With Altaline’s support, the company is positioned to invest in talent, technology, and new capabilities while continuing to deliver specialized regulatory services across the United States.
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