Noble Consulting Services Inc., a subsidiary of Katz Sapper & Miller, a Top 60 Firm based in Indianapolis, acquired the insurance regulatory practice of Eide Bailly LLP, a Top 20 Firm based in Fargo, North Dakota.
As part of the deal, 13 employees from Eide Bailly’s insurance regulatory practice will be joining the 40 employees from Noble Consulting. KSM has 54 partners, and combined with Noble, KSM has 500 employees, not including the 13 now joining from Eide Bailly.
Financial terms of the deal were not disclosed. The combined revenue estimate for KSM and Noble is $123 million for the fiscal year ending Dec. 31, 2022.
KSM ranked No. 60 on Accounting Today’s 2022 list of the Top 100 Firms, with $97.58 million in annual revenue, while Eide Bailly ranked No. 20, with $449.9 million in annual revenue.
The 13 professionals joining Noble do financial risk examinations and related services on behalf of state insurance regulators. They hold various credentials, including CPA and CFE.
“I’m excited to welcome 13 outstanding team members from Eide Bailly to our growing Noble family,” said Noble Consulting CEO Mike Dinius in a statement Thursday. “Not only will our combined talent help us deepen our ability to serve our clients’ diverse and growing needs, it will also enable us to develop new business and create new opportunities for all our employees.”
As part of the deal, Ryan Havick, a principal with Eide Bailly and leader of its insurance regulatory practice, will join Noble Consulting’s executive team as a vice president.
“In the small world of insurance regulation, Noble is known for its high standards and commitment to serving its clients with excellence,” said Havick in a statement. “We’re excited to join Noble and look forward to growing and accomplishing a great deal on behalf of our clients with our combined talent and resources.”
He and the other members of his team joined Noble Consulting Thursday. As fully remote employees, they will retain their current roles and responsibilities.
Katz, Sapper & Miller acquired Noble Consulting in 2021. Noble Consulting offers a range of services to insurance regulators, including financial risk examinations; market conduct examinations; reinsurance contract reviews; regulatory supervision, rehabilitation and liquidation services; investment reviews; cybersecurity reviews; and reviews of corporate governance, enterprise risk management, and risk and solvency assessments.