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May 31 (Reuters) - Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The Michigan-based company, which offers financial, cyber as well as asset and wealth management services to its customers in insurance, reinsurance and real estate services, has grown its revenue from $38 million to $3.5 billion in the last eight years. Get the full list, Youre viewing 5 of 26 executive team members. Last year, it completed 110 transactions, including a $400 million deal to buy artificial intelligence company Tulco LLCs insurance practice. The firm has over 400 Agency Partners with locations in 32 states, seven international locations, and approximately 5,600 employees. Acrisure, a Grand Rapids, MI-based fintech operates that operates a global insurance broker, closed a $725 million Series B-2 Preferred Equity funding round. Required fields are marked *. This transaction adds to our extensive portfolio of investments across the insurance industry value chain, a large and attractive market backed by longterm growth trends.. In addition to its institutional investors, much of the brokerage is owned by employees and management. Partners Group (on behalf of its clients) also increased their investment, and along with Harvest Partners SCF, who is also investing to support this transaction, the three investors now have invested or committed to $2 billion of preferred equity in the company. Win whats next. Over the past two years, we have grown enterprise value from $2.9 billion at the time of the MBO in 2016 to over $7 billion today. Blackstone led a $2 billion investment in Acrisure in 2018. The company said the proceeds from the offering will enable Acrisure 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 industry leading growth.. | News What is collateralized (or collateralised) reinsurance? Catastrophe bonds, insurance linked securities, reinsurance capital & investment, risk transfer intelligence. Home Acrisure Closes $725M Equity Funding, Valued At $23 Billion, REAL TIME VC & PRIVATE EQUITY DEALS AND NEWS. This transaction reaffirms how the market and our partners value the strength of our performance and trajectory for future growth.. Beach & Associates Ltd., a unit of Acrisure LLC, has acquired Risk and Insurance Consulting Services, an Atlanta-based accident and health reinsurance brokerage, Beach said in a statement Tuesday. If you are not familiar with these principles, here are some quick tips. The firm employs over 1,000 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees. These investments enable us to pursue strategic initiatives with aligned capital that will provide greater value for all shareholders., Acrisure is an innovative leader in an attractive industry with a very strong management team led by Co-Founder Greg Williams, said Byron Trott, founder, chairman and CEO of BDT Capital Partners. 2022 PitchBook. Get the full list, Youre viewing 5 of 73 subsidiaries. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Senior writer, covers health care, finance and life sciences. ", Louis Salvatore, Senior Managing Director at GSO Capital Partners, said, "Since we initially invested in Acrisure in 2016, we have been very pleased with the company's progress and have chosen to significantly increase our level of investment. Acrisure plans to use the latest funding, supported by certain clients of Guggenheim Investments and Oak Hill Advisors, to increase brand awareness and invest in human and technological infrastructure, according to a statement. 2022 Inside P&C is part of Euromoney Institutional Investor PLC. All rights reserved. ", Christopher Hardison, Managing Director, Private Debt Americas at Partners Group, commented, "It has been a privilege to support Greg and Acrisure in this phenomenal growth story over the last several years, and we look forward to continuing that support with this next round of preferred equity. To search specifically for more than one word, put the search term in quotation marks. Duis aute irure dolor in repreh, Youre viewing 5 of 40 competitors. Read more about Artemis. This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers, co-founder, CEO and President Greg Williams said in an announcement. Chicago-based BDT Capital will invest $3 billion in the Caledonia, Michigan-based brokerages senior preferred stock. All rights reserved. https://bwnews.pr/3GxAfRC, Chief Executive Officer Greg Williams with a consortium of minority investors bought Acrisure in a $2.9 billion deal from private equity firm Genstart Capital in November 2016. https://prn.to/38zXwFT. has closed on a $725 million equity raise that will fund further global expansion. Tickets are selling fast for Artemis London 2022, our first ILS conference in London. 2022 Middle Market Information LLC. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Personalize which data points you want to see and create visualizations instantly. What is life insurance securitization or life ILS? Topics Since 2018, Acrisure has closed on 443 acquisitions, including 14 in the first quarter of 2022, according to Optis Partners LLC, a Chicago firm that tracks M&A in the insurance brokerage industry. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Mr. Williams, said, "The increased investment by our existing investors is a strong endorsement of our growth strategy and represents another exciting chapter for Acrisure. Please tell us what we can do to improve this article. Founded in 2005 by CEO Gregory L. Williams, the brokerage has been the leading acquirer of rival agencies and brokers over the past several years. About This transaction reaffirms how the market, and our partners, value the strength of our performance and trajectory for future growth., Hamad Shahwan Aldhaheri, Executive Director, Private Equities Department, ADIA, added, Acrisure has grown at a rapid pace to become one of the worlds leading insurance brokers, and our investment aims to support the company as it continues to execute on its strategy. Acrisure is a market leader in its space, with a recurring revenue model, diversified revenue mix, strong free cash flow and a demonstrated ability to successfully consolidate the market all of which helped lead to our decision to increase our investment level in the company on behalf of our clients. AssuredPartners buys Pennsylvania agency, 6. The company has benefited from a jump in global commercial insurance premiums that rose 11% on average in the first quarter, according to broker Marsh, with the war in Ukraine worsening pressure on rates. Acrisure, which was formed out of retail insurance agency networks, acquired Beach & Associates in 2018, a specialist insurance and reinsurance broker which often arranges trades with collateralized and ILS fund markets. According to the re/insurance broker, the additional funding enables it to continue pursuing value-accretive acquisitions, expand its technology-enabled solutions, bolster both marketing and brand awareness, and invest in human and tech infrastructure to support its global expansion efforts. We look forward to a long-term partnership with Greg and his team, consistent with our business model of providing patient capital to founder and family-led businesses, while leveraging our network of closely held business owners and investors to support the companys growth and expansion.. This information is available in the PitchBook Platform. 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.. Acrisure has more than $2 billion in annual revenue, the statement said. We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. Acrisure has grown at a rapid pace to become one of the worlds leading insurance brokers, and our investment aims to support the company as it continues to execute on its strategy, said Hamad Shahwan Aldhaheri, executive director of the private equities department at the Abu Dhabi Investment Authority. Founded in 2005, Acrisure provides customers with intelligence-driven financial services solutions for insurance and reinsurance, real estate services, cyber services and asset and wealth management. This will limit your search to that combination of words. Aon settles with glassmaker over tornado loss, 5. Agencies. Use phrases "in quotes" or the tools below to better filter your results. The additional capital and resources will significantly benefit our company as we continue to grow organically and pursue additional M&A opportunities. Website Privacy & Cookies and Disclaimer, Steve Evans Ltd. registered in England No. Sign up for our regular podcast featuring hard-hitting, wide ranging conversations with industry leaders and top-thinkers from a variety of businesses. Thank you! ESG investment in insurance-linked securities (ILS), Monte Carlo Reinsurance Rendezvous Archives, Mortgage insurance-linked notes transactions, UCITS Catastrophe Bond Funds assets under management, Pension funds investing in insurance-linked securities (ILS), Indenture Trustee, Paying Agent & Escrow Agent Services, Weather Risk Management, Insurance & Trading, Artemis Live Video interviews & content, List of Reinsurer Capital Markets Activities, Cat Bond, ILS, Reinsurance Reading For Beginners. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, New York, So Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. Grand Rapids-based Acrisure said Tuesday, May 31, it closed $725 million in series B-2 preferred equity funding and received a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021. Acrisure has grown at an accelerated rate as a result of the efforts of Greg and his management team and agency partners who control the company. Follow Blackstone on Twitter @Blackstone. Visit www.hp-scf.com for more information. The company has grown revenue from $38 million to more than $3.5 billion in over eight years with locations throughout the world. | Advertise Provider of insurance brokerage services intended to manage and overcome complex risk and insurance challenges. J.P. Morgan served as placement agent to Acrisure on the junior preferred stock offering. : How Two Very Different Manufacturers Implemented Advanced Technology to Improve their Businesses, How to save on your business energy bills this summer, SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGANS FINEST BUSINESS NEWS REPORTING, Health providers welcome restraining order in chaotic day for Michigan abortion rights, Davis brings deep West Mich. background to new Huntington Bank role, GR investment fund for minorities replicated in Denver; other U.S. cities eyed, After merger, Spectrum Health elevates collaboration with other providers, Sylvester takes over Consumers Credit Union after longtime CEO retires, MiBiz on WOOD-TV8: New Community Transformation Fund expands to Denver, Medical groups alarmed, seek guidance following latest abortion court ruling, Court ruling to raise minimum wage, paid sick time delayed to February 2023, Industry 4.0 brings obstacles, opportunities for women in manufacturing, Empty lot near 28th St. to become Biggby Coffee drive-thru, Growing Grand Rapids and beyond | WOODTV.com, Blue Dog gets green light to expand Grand Rapids tavern, Stay on higher wages granted as restaurant industry warns of Panerafication. Supreme Ct. Rules, CCC: Surge in Gas Prices Won't Curb Rising Auto Claims Costs, Dangerous Pacific Northwest Heat Wave Suspected in Seven Deaths, Wildfires in West Explode in Size amid Hot, Windy Conditions, Floods Strike New Blow in Place That Has Known Hardship, Commercial Property Master Class - Covered Property and Property not Covered, CGL Coverage - Other Insurance and Allocation, CGL Master Class - Coverage B and Selected Exclusions, Certificates of Insurance: The Good, The Bad, and The Ugly. We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American. To explore Acrisures full profile, request access. The company for years has been the top acquirer in North America of insurance agencies and closed more than 130 deals in 2021. Harvest Partners SCF, LP ("Harvest SCF") is the non-control private equity strategy of Harvest Partners, LP, an investment firm with $6 billion of assets under management. A wholly owned subsidiary of the Abu Dhabi Investment Authority led the round and was joined by Guggenheim Investments on behalf of certain clients and Oak Hill Advisors, the company said. All content copyright Steve Evans Ltd. 2022 All Rights Reserved. Five Key Factors Businesses Must Consider When Collecting Consumer Information, A Tale of Apples and Sheet Metal? See here for a complete list of exchanges and delays. | Contact We are very excited to partner with Greg and the Acrisure team in this proprietary transaction as the Company enters its next stage of growth.". Acrisures products include insurance, real estate and cyber services, and asset and wealth management. What are industry loss warranties (ILWs)? When typing in this field, a list of search results will appear and be automatically updated as you type. Secure your place at the event here! from 8 AM - 9 PM ET. ZyVersa Merges with Larkspur Health Acquisition Corp. 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