Alera Group Intermediate Holdings Inc. (Alera) plans to opportunistically refinance its debt in the syndicated market. We assigned our 'B' long-term issuer credit rating to Alera. At the same time, we assigned our 'B' issue-level rating and '3' recovery rating to the proposed first-lien term loan and our 'CCC+' issue-level rating and '6' recovery rating to the proposed second-lien term loan. The stable outlook reflects our expectation for healthy earnings growth and supportive financial policy to drive sustained improvements to credit metrics over the next 12 months. With total reported revenue of about $1.4 billion in 2024, Alera has solid market position as the 15th largest U.S. insurance broker. The company has a diversified spread of business across the U.S.
