Alliant Insurance Services, Inc. to be acquired by Blackstone and Management

Newport Beach, California/ New York: June 3, 2007 – Alliant Insurance Services, Inc., one of the nation’s largest insurance brokerage firms, today announced that The Blackstone Group, in partnership with Alliant’s management and employees, has reached an agreement to acquire the company from its current owners comprised of the investment firm Lindsay Goldberg and Alliant’s management and employees. Terms of the transaction were not disclosed.

Tom Corbett, Chairman and CEO of Alliant said, “We are honored to have the opportunity to partner with Blackstone. This is an exceptional opportunity for our company, our clients and our employees. Blackstone’s financial resources and commitment to work strategically with management teams will enable our firm to continue to expand. Lindsay Goldberg has been an invaluable partner to our management team in positioning our company to take this next step,” Mr. Corbett added, “This transaction is a validation of the success of our business plan which is to be the industry leader in organic growth and operating productivity through a commitment to industry specialization, client service, and a team-based approach. This transaction will enable Alliant to remain independent and maintain its position as the premiere U.S. specialty insurance broker.”

In addition to Tom Corbett, the senior management team includes Greg Zimmer, Chief Financial Officer, and Jerry Hall, Chief Operating Officer.

Chinh Chu, Senior Managing Director of The Blackstone Group, said, “Blackstone is pleased to invest in Alliant in partnership with the management team and its employees. Alliant is an attractive platform due to its market leadership in its core segments, superior growth prospects, and world-class management. We are also impressed with the culture of Alliant and the strength and depth of its insurance professionals who comprise the foundation of the company.”

Lance Hirt, Partner of Lindsay Goldberg, said, “Alliant is an excellent company led by the strongest management team we have seen in this industry. We wish Tom, Greg, Jerry and the rest of the Alliant team every success in the future.”

The transaction is expected to close within the next 75 days. JPMorgan acted as exclusive financial advisor to the seller and is also arranging financing for the buyer in connection with the transaction. Weil, Gotshal & Manges LLP acted as counsel to the seller and Simpson Thacher & Bartlett LLP acted as counsel to the buyer.

About Alliant Insurance Services, Inc.

Alliant Insurance Services is one of the largest U.S. insurance brokerage operations in the United States. The company prides itself on its degree of specialization and expertise within specific industries. Alliant provides insurance and employee benefits products to more than 20,000 commercial clients nationwide. Alliant distributes specialty-oriented products with leading market positions among Public Entities, Indian Nations, Healthcare, Energy, Law Firms, Real Estate, Construction and other industry groups. For more information about Alliant Insurance Services, Inc., please visit:

About The Blackstone Group

The Blackstone Group is a leading global alternative asset manager and provider of financial advisory services. Its alternative asset management businesses include the management of corporate private equity funds, real estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt funds, proprietary hedge funds and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.

About Lindsay Goldberg

Lindsay Goldberg is a New York-based investment partnership that manages $5.1 billion of equity capital and is focused on acquiring well-managed businesses and actively helping to build long-term value. Lindsay Goldberg is a trusted and experienced partner with a successful track record of investing across a wide range of industries and helping companies fully meet their long-term potential. For more information about Lindsay Goldberg, please visit