Venture Capital: Fast-Growing Fintech And Mega Insurance Broker Acrisure Raises $725 Million
Acrisure achieved a valuation of $23 billion, which was up 31% from its previous raise in March 2021.
Acrisure, the fast-growing fintech and operator of a global top-10 insurance broker, has raised $725 million via Series B-2 Preferred Equity round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Also participating were Guggenheim Investments on behalf of certain clients and Oak Hill Advisors. (Acrisure)
Acrisure was founded in 2005 and is headquartered in Grand Rapids. According to Insurance Journal, CEO Greg Williams and a consortium of minority investors acquired the company in a $2.9 billion deal from private equity firm Genstart Capital in November 2016.
The financial services leader has boosted its revenue many times over in the past eight years (from $38 million to $3.5 billion) to become the fastest growing insurance brokerage in the world. It is also known for the use of AI and data analytics in its business which has diversified to include real estate services and asset management.
The growth is reflected in Acrisure’s valuation of $23 billion, which rocketed 31% compared to its previous raise in March 2021. A statement by the company said the latest funding helped cut its net debt leverage by 0.6X.
Hamad Shahwan Aldhaheri, Executive Director, Private Equities Department, ADIA, said: “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. 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.”
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