Acrisure
{{Short description|American insurance broker}}
{{Infobox company
| name = Acrisure
| logo = Acrisure logo.svg
| logo_caption =
| logo_size = 150
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| type = Financial technology
| industry = Insurance
| predecessor =
| founded = {{Start date and age|2005}}
| founders = Greg Williams, Ricky Norris
| defunct =
| fate =
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| hq_location_city = Grand Rapids, Michigan
| hq_location_country = United States
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| services = {{ubl|Banking|Insurance|Investing}}
| revenue = $2.82 billion {{increase}}
| revenue_year = 2021
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| website = {{URL|https://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.{{cite news |last1=Bradford |first1=Michael |title=Top insurance brokers, No. 8: Acrisure LLC |url=https://www.businessinsurance.com/article/20220712/NEWS06/912350956/Top-insurance-brokers,-No-8-Acrisure-LLC,-Business-Insurance |access-date=13 July 2022 |work=Business Insurance |date=12 July 2022}}
History
Acrisure was founded in 2005 by Greg Williams and Ricky Norris.{{Cite web |last=Watson |first=Rachel |date=2019-10-04 |title='Entrepreneurial DNA' drives Acrisure's growth |url=https://grbj.com/news/entrepreneurial-dna-drives-acrisures-growth/ |access-date=2022-07-12 |website=Grand Rapids Business Journal |language=en-US}}{{Cite web |date=2016-02-21 |title=Acquisitions drive record growth of insurance brokerage Acrisure |url=https://www.crainsdetroit.com/article/20160221/NEWS/160229992/acquisitions-drive-record-growth-of-insurance-brokerage-acrisure |access-date=2022-07-12 |website=Crain's Detroit Business |language=en}} 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.{{Cite web |date=2013-03-01 |title=Genstar Capital Acquires Michigan's Acrisure |url=https://www.insurancejournal.com/news/midwest/2013/03/01/283247.htm |access-date=2022-07-12 |website=Insurance Journal |language=en-US}} 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." In October 2016, Acrisure's management purchased back ownership of the company from Genstar Capital.{{Cite web |last=Giordano |first=Susan |date=2016-10-22 |title=Acrisure Announces Management-Led Buyout |url=https://www.gencap.com/acrisure-announces-management-led-buyout/ |access-date=2022-07-12 |website=Genstar Capital |language=en-US}}{{Cite news |date=2016-10-21 |title=Genstar Selling Acrisure to Insurance Brokerage's Management |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/genstar-selling-acrisure-to-insurance-brokerages-management-1477065080 |access-date=2022-07-12 |issn=0099-9660}}
Blackstone Inc provided funding to Acrisure in December 2018. 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.{{Cite web |date=2020-07-29 |title=Acrisure Acquires Tulco's Artificial Intelligence Insurance Business |url=https://www.businesswire.com/news/home/20200729005582/en/Acrisure-Acquires-Tulco%E2%80%99s-Artificial-Intelligence-Insurance-Business |access-date=2022-07-12 |website=Business Wire |language=en}} By 2021, the company acquired 155 firms that year, generating $2.82 billion of revenue and experiencing 42.7% growth. Acrisure was granted naming rights for the newly-constructed Acrisure Arena in Thousand Palms, California in January 2022.{{Cite web |last=John |first=Andrew L. |title=New Coachella Valley sports and entertainment venue will be called Acrisure Arena |url=https://www.desertsun.com/story/sports/2022/01/26/acrisure-arena-name-new-palm-springs-area-hockey-entertainment-arena/9213857002/ |access-date=2022-07-12 |website=The Desert Sun |language=en-US}}
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.{{Cite web |last=Watson |first=Rachel |date=2022-06-06 |title=Acrisure closes $725M in equity funding |url=https://grbj.com/news/banking-finance/acrisure-closes-725m-in-equity-funding/ |access-date=2022-07-12 |website=Grand Rapids Business Journal |language=en-US}} In July 2022, Acrisure was granted naming rights for Acrisure Stadium (previously known as Heinz Field) in Pittsburgh, Pennsylvania, home to the Pittsburgh Steelers.{{Cite web |title=Heinz Field becomes Acrisure Stadium in new naming rights deal with the Thomas Tull-connected insurance firm |url=https://www.post-gazette.com/business/development/2022/07/11/heinz-field-naming-rights-acrisure-thomas-tull-tulco-steelers-football/stories/202207110056 |access-date=2022-07-12 |website=Pittsburgh Post-Gazette |language=en}}
In July 2022, Acrisure acquired two managed service providers, ITS Inc. and Catalyst Technology Group.{{Cite web |date=2022-07-21 |title=Acrisure acquires Catalyst Technology Group and ITS to expand its cyber services offering |url=https://www.helpnetsecurity.com/2022/07/22/acrisure-catalyst-technology-group-its/ |access-date=2022-07-22 |website=Help Net Security |language=en-US}}
In September 2023, it was announced Acrisure had acquired the London-headquartered insurance company, Modus Underwriting Ltd.{{Cite web |last=Jimenez-Sanchez |first=Kassandra |date=2023-09-07 |title=Acrisure acquires award-winning MGA Modus - Reinsurance News |url=https://www.reinsurancene.ws/acrisure-acquires-award-winning-mga-modus/ |access-date=2023-09-08 |website=ReinsuranceNe.ws |language=en}} That month, the insurance company also earned naming rights for a new amphitheater in Grand Rapids; Acrisure Amphitheater.{{Cite web |last=McVicar |first=Brian |date=2023-09-22 |title=New Grand Rapids riverfront concert venue to be named Acrisure Amphitheater |url=https://www.mlive.com/news/grand-rapids/2023/09/new-grand-rapids-riverfront-concert-venue-to-be-named-acrisure-amphitheater.html |access-date=2024-01-26 |website=mlive |language=en}}