Insurance broker Acrisure touches $23 bln in valuation after latest funding
Summary
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. Try refreshing your browser, or 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.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. The next issue of Financial Post Top Stories will soon be in your inbox. Please try againThe 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.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. 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 (Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli)