Acrisure

Last updated
Acrisure
Company type Financial technology
Industry Insurance
Founded2005;19 years ago (2005)
FoundersGreg Williams, Ricky Norris
Headquarters
Grand Rapids, Michigan
,
United States
Services
  • Banking
  • Insurance
  • Investing
Revenue$2.82 billion Increase2.svg (2021)
Website www.acrisure.com

Acrisure is a financial technology and insurance company headquartered in Grand Rapids, Michigan. The company was initially created to acquire insurance companies in the Midwestern United States and has since expanded nationally. In 2022, Business Insurance recognized Acrisure as the 6th largest insurance broker in the world. [1]

History

In 2005, Acrisure was founded by Greg Williams and Ricky Norris. [2] [3] In 2013, Genstar Capital purchased Acrisure and much of the company's growth was accounted by acquisitions; in 2014 the company acquired 23 firms and in 2015, it took over 59 other agencies compared to 26 acquisitions between 2005 and 2013. [3] [4] The majority of Acrisure's trade – 60% of deals – come from existing entities it acquired, with the company's chief financial officer Dave Tuit stating "We find successful agencies, buy them and they become an agency partner." [3] In October 2016, Acrisure's management purchased back ownership of the company from Genstar Capital. [5] [6]

Blackstone Inc provided funding to Acrisure in December 2018. [2] In 2019, the company was 84% employee-owned and after acquiring Pittsburgh-based Tulco Labs in 2020, began to organize Altway, an artificial intelligence insurance platform. [2] [7] By 2021, the company acquired 155 firms that year, generating $2.82 billion of revenue and experiencing 42.7% growth. [1] Acrisure was granted naming rights for the newly-constructed Acrisure Arena in Thousand Palms, California in January 2022. [8]

In June 2022, the Abu Dhabi Investment Authority (ADIA) funded $725 million in series B-2 stock funds to Acrisure, with the company being valued at $23 billion at the time. [1] [9] In July 2022, Acrisure was granted naming rights for Acrisure Stadium (previously known as Heinz Field) in Pittsburgh, Pennsylvania, home to the Pittsburgh Steelers. [10]

In July 2022, Acrisure acquired two managed service providers, ITS Inc. and Catalyst Technology Group. [11]

In October 2022, Acrisure acquired top-rated NYC-based managed service provider Homefield IT (formerly ManhattanTechSupport.com). [12]

In September 2023, it was announced Acrisure had acquired the London-headquartered insurance company, Modus Underwriting Ltd. [13] That month, the insurance company also earned naming rights for a new amphitheater in Grand Rapids; Acrisure Amphitheater. [14]

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References

  1. 1 2 3 Bradford, Michael (12 July 2022). "Top insurance brokers, No. 8: Acrisure LLC". Business Insurance . Retrieved 13 July 2022.
  2. 1 2 3 Watson, Rachel (2019-10-04). "'Entrepreneurial DNA' drives Acrisure's growth". Grand Rapids Business Journal . Retrieved 2022-07-12.
  3. 1 2 3 "Acquisitions drive record growth of insurance brokerage Acrisure". Crain's Detroit Business . 2016-02-21. Retrieved 2022-07-12.
  4. ↑ "Genstar Capital Acquires Michigan's Acrisure". Insurance Journal. 2013-03-01. Retrieved 2022-07-12.
  5. ↑ Giordano, Susan (2016-10-22). "Acrisure Announces Management-Led Buyout". Genstar Capital . Retrieved 2022-07-12.
  6. ↑ "Genstar Selling Acrisure to Insurance Brokerage's Management". Wall Street Journal . 2016-10-21. ISSN   0099-9660 . Retrieved 2022-07-12.
  7. ↑ "Acrisure Acquires Tulco's Artificial Intelligence Insurance Business". Business Wire . 2020-07-29. Retrieved 2022-07-12.
  8. ↑ John, Andrew L. "New Coachella Valley sports and entertainment venue will be called Acrisure Arena". The Desert Sun . Retrieved 2022-07-12.
  9. ↑ Watson, Rachel (2022-06-06). "Acrisure closes $725M in equity funding". Grand Rapids Business Journal . Retrieved 2022-07-12.
  10. ↑ "Heinz Field becomes Acrisure Stadium in new naming rights deal with the Thomas Tull-connected insurance firm". Pittsburgh Post-Gazette . Retrieved 2022-07-12.
  11. ↑ "Acrisure acquires Catalyst Technology Group and ITS to expand its cyber services offering". Help Net Security. 2022-07-21. Retrieved 2022-07-22.
  12. ↑ https://www.acrisure.com/news-and-insights/acrisure-cyber-services-acquires-leading-managed-service-provider-homefield-it
  13. ↑ Jimenez-Sanchez, Kassandra (2023-09-07). "Acrisure acquires award-winning MGA Modus - Reinsurance News". ReinsuranceNe.ws. Retrieved 2023-09-08.
  14. ↑ McVicar, Brian (2023-09-22). "New Grand Rapids riverfront concert venue to be named Acrisure Amphitheater". mlive. Retrieved 2024-01-26.
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