ALPS

In 1988, a group of lawyers identified a critical vulnerability for their peers: the lack of accessible, fairly-priced malpractice insurance. This wasn't a venture capital play; it was a solution born from necessity. They founded ALPS, or Attorneys Liability Protection Society, in Missoula, Montana, with a straightforward mission: to be an insurance company founded by lawyers, for lawyers. The business model was direct-to-consumer, cutting out layers to provide specialized property and casualty and malpractice insurance specifically for law firms. The company carved out a niche by focusing on solo practitioners and small firms, a segment often underserved by larger carriers. This focus, combined with being endorsed by more state bar associations than any other carrier, allowed ALPS to become the nation's largest direct writer of lawyers' malpractice insurance. Over the years, the company expanded its offerings beyond its flagship malpractice product to include services like cyber liability insurance and business owner's policies, adapting to the evolving risks faced by modern law practices. While ALPS started as an insurance provider, its parent company, ALPS Holdings, Inc., based in Denver, grew to offer a suite of asset management and servicing solutions for the broader financial services industry. A significant chapter in the company's journey came in April 2018, when ALPS was acquired by SS&C Technologies, a global provider of financial services software and services. This acquisition integrated ALPS into a much larger financial technology ecosystem, allowing it to expand its reach and capabilities while continuing its specialized mission under the SS&C umbrella.