M&A roundup: KSM and KDG expand

Noble Consulting Services Inc., a wholly owned subsidiary of Katz, Sapper & Miller, a Top 50 Firm based in Indianapolis, said Tuesday that Rector & Associates, an insurance regulatory firm based in Columbus, Ohio, has joined its practice, effective Jan. 1, 2025.

Mark Alberts, founder of Alberts Actuarial Consulting LLC,  has also joined Noble as a vice president to expand Noble’s actuarial services. With the addition of Rector & Associates and Alberts, Noble plans to introduce additional services.

Rector offers transactional, financial, and compliance services for insurance companies, litigation support and expert witness services, regulatory compliance for insurance brokers and agents, and more. Alberts will lead development of an in-house actuarial department at Noble, which will provide financial examination, actuarial analysis, and form and rate review services to regulatory clients, valuation and appointed actuary services to insurers, and more.

Rector & Associates was founded in 1991 and provides insurance regulation and financial solvency consulting. Sarah Schroeder and Ed Dinkel of Rector are joining Noble as managing directors. Neil Rector, who founded Rector & Associates and is a former deputy director of the Ohio Department of Insurance, will provide ongoing consultation services to Noble.

Alberts has provided actuarial consulting services in the life insurance, annuity and supplemental health practice areas since 2008. He and his team of actuaries have worked with Noble on a contract basis for many years.

“We’re thrilled to welcome Sarah, Ed, Neil, and Mark to the Noble team,” said Noble CEO Mike Dinius in a statement. “Their exceptional expertise and client-focused approach are a perfect fit for Noble as we expand our services. Adding an in-house actuarial department is a major step, allowing us to deliver broader, more impactful services to both regulators and insurance companies. This move strengthens our ability to meet the evolving needs of our clients and ensures we remain at the forefront of the industry.”

Financial terms of the deal were not disclosed, and Noble’s revenue figures were not disclosed either.

KSM ranked No. 49 on Accounting Today‘s 2024 list of the Top 100 Firms, with $144.8 million in annual revenue. Noble employs 70 people. The combination with Rector adds two full-time people — Schroeder and Dinkel — and two contractors, including founder Neil Rector.

KSM acquired Noble in 2021, and it operates as a wholly owned subsidiary. The addition of Rector & Associates and Mark Alberts continues Noble’s growth following integration of the insurance regulatory practices of Johnson Lambert LLP and Eide Bailly LLP in 2023.