"These transactions are a clear reflection of how the market values both the strength of our existing insurance brokerage and, most importantly, our vision for accelerating our technology initiatives going forward," said Greg Williams (pictured), Co-Founder, President and CEO from Acrisure. "These investments allow us to pursue strategic initiatives with aligned capital that will deliver greater value for all shareholders."
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Acrisure is on a multi-year journey to make every facet of its business "technology possible". The brokerage has invested heavily in data and analytics, artificial intelligence (AI) and machine learning to increase its global distribution power and accelerate its growth in insurance brokerage and adjacent opportunities.
In 2020, Acrisure took a significant leap in its quest to become an agile, data-rich and digitally-oriented brokerage firm by acquiring insurtech Tulco LLC's insurance business. The acquisition followed a successful year-long partnership in which the two companies founded Altway Insurance, a fully AI-backed brokerage that initially focused on individual health benefits. Since its launch, Altway has seen 24 consecutive weeks of growth of 10% or more from week to week. That's all the evidence Williams needed to acquire Tulco with the goal of rolling out its technology infrastructure across the Acrisure business.
“We have more than 2,000 sales professionals around the world. Our goal is to help them be more efficient and effective in what they do,” said Williams Insurance company“We've put a lot of time and energy into our technology platform because we believe that when you get the best out of human-machine collaboration, that's the winning formula. Of course, there's also a digital fulfillment component. us to use technology to identify customers and prospects, and to conduct business digitally. But our greatest opportunity is to help our growing sales force be more efficient and productive. "
Most employee-owned, Acrisure has offices in six countries and offers solutions for commercial, property and accident, life insurance and employee benefits. The company has grown from US $ 650 million in annual sales in 2017 to more than US $ 2 billion today, a dramatic growth spurt helped by more than 500 acquisitions. Last year, despite complications from the COVID-19 pandemic, the brokerage acquired 110 insurance agencies while also reducing net debt.
Read more: Acrisure buys Tulco's AI company in $ 400 million deal
"M&A has always been part of the Acrisure playbook," said Williams. “Our model is based on a network of very strong agency partners, and as we continue to tell a compelling story about our transformation, it really resonates with entrepreneurial business leaders around the world. We have plans to grow internationally (approximately 95% of Acrisure & # 39; s business is in North America), and we believe that what we can bring to the table in terms of our technology-backed value proposition resonates just as much in other parts of the world as in North America. . "
Acrisures recent $ 3.4 billion capital increase will support its growth and expansion through innovation and its ongoing M&A strategy. It has also allowed the company to expand beyond insurance brokerage. On Tuesday, March 30, Acrisure announced the launch of a new Asset Management division that will further diversify its portfolio and create new opportunities for financial services clients and advisors.
"This expansion into asset management is the first step in moving our innovative, tech-backed solutions beyond our core insurance service," said Williams. "Acrisure leverages our financial strength, industry expertise and global distribution power to integrate best-in-class AI to technically enable and extend the traditional insurance model."