NEW YORK (Bloomberg) — A Blackstone Group LP-led group is acquiring Alliant Insurance Services Inc. as private equity firms continue a record pace for buyouts.Terms of the transaction weren't disclosed, the companies said in a statement sent on Monday by Business Wire. Blackstone, along with the insurance broker's management and employees, are buying Newport Beach, California-based Alliant Insurance from New York investment firm Lindsay Goldberg. The deal is expected to close within 75 days.

"Alliant is an attractive platform due to its market leadership in its core segments, superior growth prospects, and world-class management," Chinh Chu, senior managing director of Blackstone Group, said in the statement. Buyout firms globally have engaged in 993 deals this year valued at $449.2 billion, according to Bloomberg data.