Two-dozen independent firms are combining to create a giant Chicago-area wealth management and insurance firm.

Alera Group, based in Deerfield, Ill., has been formed from the merger of 24 companies from around the country, creating the 14th largest privately held insurance firm and the seventh-largest privately held employee benefits firm in the U.S.

Alan Levitz, formerly CEO of Deerfield-based GCG Financial, will become CEO of the new firm.

“We brought together this hand-picked group to do more – and to be more – for our clients and employees,” said Levitz in a released statement. “Clients will see two benefits rarely delivered by a single organization. First, they will get the combined resources, technical experience and best practices of a larger firm. Second, they will continue to receive the personal service and independent decision-making power of a local business. Our goal is to set a new, higher standard for their experience.”

The combined firm will have 20,000 clients, 750 employees, $158 million in annual revenues and 40 offices across 15 states, with business lines that include financial planning, employee benefits, risk management and property/casualty insurance.

William “Billy” Corrigan, previously chief financial officer at Marsh Inc., will serve as CFO. Rob Lieblein, previously vice president of mergers and acquisitions at Marsh, will stay on at Alera as chief development officer. Peter Marathas, most recently a partner at Boston-based law firm Marathas Barrow Weatherhead Lent, will serve as chief legal counsel.

Alera Group was formed with investment from San Francisco-based private equity firm Genstar Capital and brokerage assistance from Woodmere, Ohio-based Marsh, Berry & Company. Additional details of the transaction were unavailable on Wednesday.

Alera Group’s 24 founding insurance and financial firms are:

  • A&B Insurance and Financial Inc., Tampa, Fla.
  • American Insurance Administrators Inc., Mechanicsburg, Pa.
  • Ardent Solutions, Sugar Land, Tex.
  • Beacon Retiree Benefits Group LLC, Plantsville, Conn.
  • Benefit Advisors Network, Solon, Ohio
  • Benico Ltd., Huntley, Ill.
  • CBP, Stamford, Conn.
  • C. M. Smith Agency Inc., Hartford, Conn.
  • Centennial, Costa Mesa, Calif.
  • Coury Health Services Inc., Pittsburgh
  • CPI-HR, Solon, Ohio
  • Forum, Greenville, S.C.
  • GCG Financial Inc., Deerfield, Ill./ Greenwood Village, Colo.
  • Group Services Inc., Bettendorf, Iowa
  • HMK Insurance, Bethlehem, Pa.
  • INGROUP Associates Inc., Lancaster, Pa.
  • JA Counter, New Richmond, Wis.
  • Pentra Inc., Villanova, Pa.
  • PWA Insurance Services, Gold River, Calif.              
  • Relph Benefit Advisors, Fairport, N.Y.
  • Shirazi Benefits, Greeley, Colo.
  • SIG, Baltimore,
  • TRUEbenefits LLC, Seattle
  • Virtus Benefits LLC, Nashville, Tenn.