(Image source: Acrisure homepage.)
Acrisure (Grand Rapids, Mich.), a fintech that operates a top-10 global insurance broker, announced that it has secured additional funding to fuel its ongoing global expansion. The company reports that it closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation, representing a 31 percent increase from its last preferred equity raise in March 2021. A wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) led the round, with participation from Guggenheim Investments (New York) on behalf of certain clients and Oak Hill Advisors (OHA, New York).
Acrisure says that the new funding will allow it to continue pursuing value-accretive acquisitions, grow its tech-enabled solutions, increase marketing and brand awareness, and invest in human and technological infrastructure to support growth. The company reports that the new equity raise immediately reduces its net debt leverage by 0.6x.
“This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers,” comments Greg Williams, Co-Founder, CEO and President, Acrisure. “We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. This transaction reaffirms how the market, and our partners, value the strength of our performance and trajectory for future growth.”
“Acrisure has grown at a rapid pace to become one of the world’s leading insurance brokers, and our investment aims to support the company as it continues to execute on its strategy,” comments Hamad Shahwan Aldhaheri, Executive Director, Private Equities Department, ADIA. “This transaction adds to our extensive portfolio of investments across the insurance industry value chain, a large and attractive market backed by long‑term growth trends.”
Founded in 2005, Acrisure describes its mission as providing customers with intelligence-driven financial services solutions for insurance and reinsurance, real estate services, cyber services and asset and wealth management. Through its vertical and global expansion, MGA acquisition strategy and continued tech deployment, Acrisure reports that it has achieved 45.9 percent total revenue growth and maintained its industry-leading acquisition pace, closing more than 130 deals in 2021. The company says that more than 75 of these deals were a direct result of referrals from within the current Acrisure Global Partner Network.