Overview of Acrisure
Acrisure is a leading financial technology and insurance firm headquartered in Grand Rapids, Michigan. Founded in 2005 by Greg Williams and Ricky Norris, the company initially focused on acquiring insurance companies in the Midwestern United States. By 2022, Acrisure evolved into the sixth-largest insurance broker globally, offering comprehensive insurance and business solutions worldwide.
Financial Performance and Growth
Acrisure has exhibited formidable growth, with a compounded annual growth rate of 58% since 2013. In 2021, it reported a revenue of approximately $2.82 billion and saw substantial business expansion through strategic acquisitions. Following a $725 million investment from the Abu Dhabi Investment Authority in June 2022, the firm was valued at $23 billion. Notably, Acrisure achieved a 42.7% growth in 2021, acquiring 155 companies in that year alone.
Strategic Expansions and Investments
The company's aggressive expansion strategy includes acquiring pivotal entities in various sectors. Notable acquisitions include Tulco Labs in 2020, used to develop Altway, an AI-powered insurance platform. Further expanding its market presence, Acrisure acquired Modus Underwriting Ltd and secured naming rights for prominent venues like the Acrisure Arena and Acrisure Stadium.
Services and Offerings
Acrisure stands at the forefront of fintech and insurance innovation, delivering a wide spectrum of services such as insurance, reinsurance, cybersecurity, and asset and wealth management. Their offerings are designed to assist clients in navigating and mitigating complex risk and insurance scenarios.
Leadership Team
The leadership team at Acrisure is led by Gregory L. Williams, Co-founder, Chairman, and CEO, known for his strategic expertise, which earned him the 2024 Economic Club of Grand Rapids "Businessperson of the Year" award. Under his management, Acrisure has attained global recognition as a significant player in the insurance brokerage sector.
Key members of the leadership team include:
- Grahame Millwater, President of Acrisure Global Insurance, who directs international growth and market expansion.
- Ryan Foley, Chief Legal Officer, responsible for overseeing legal compliance influencing Acrisure's corporate strategy.
- Matthew Marolda, Chief Innovation Officer, leading technological integration and AI development within Acrisure's offerings.
- Sulabh Srivastava, Global Chief Information Officer, tasked with spearheading the firm's digital transformation and technological infrastructure advancements.
Recent Developments
Acrisure has been highlighted as a top 50 IPO candidate for 2025, signaling readiness for public equity capital and reflecting strong investor confidence. The firm continues to broaden its international reinsurance capabilities and has recently appointed Peter Sharpe to lead its London-based division.
Competitor Profiling
Acrisure operates amidst robust competition within the insurance and risk management services sector, ranking as the 10th-largest global insurance broker. The company faces competition from several key industry players:
Competitors
1. Lockton Companies: The largest privately held insurance brokerage globally, Lockton operates with 140 offices in over 140 countries. It reported a global revenue of $3.55 billion in 2024 and employs over 12,000 people. Its continued expansion is fueled by the recruitment of seasoned business leaders to establish new offices.
2. USI Insurance Services: With more than $2.7 billion in revenue and over 10,000 employees across North America, USI leverages its proprietary USI ONE platform to deliver client-centered solutions that integrate analytics and strategic planning.
3. AssuredPartners: Growing rapidly as the 11th largest broker in the U.S., AssuredPartners reports revenues exceeding $1 billion. Its strategy involves partnerships with regional and local insurance brokers to enhance service delivery and strategic guidance.
4. HUB International: HUB International, a significant player with approximately 17,000 employees, covers various industries with comprehensive insurance and risk management services across North America. Its market position is reinforced by strategic acquisitions and growth initiatives.
5. Brown & Brown, Inc.: Ranked as the fifth-largest independent insurance brokerage in the U.S., Brown & Brown is headquartered in Daytona Beach, Florida, reporting revenues over $3 billion in 2021. The company's growth strategy includes strategic acquisitions and a diverse range of insurance products.
Market Position
Acrisure maintains a strong market presence due to its scale and diverse service offerings. Operating in a highly competitive landscape, Acrisure’s strategic initiatives, acquisitions, and potential alliances could enhance its market position relative to key industry competitors. By analyzing the operational strengths and financial metrics of its competitors, Acrisure can capitalize on growth opportunities, optimize its service offerings, and potentially expand its global market presence.
