Acrisure is a

financial technology Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services. Artificial intelligence, blockchain, cloud computing, and big data are ...

and

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

company headquartered in

Grand Rapids, Michigan Grand Rapids is a city and county seat of Kent County, Michigan, Kent County in the U.S. state of Michigan. At the 2020 United States census, 2020 census, the city had a population of 198,917 which ranks it as the List of municipalities in Mi ...

. The company was initially created to acquire insurance companies in the

Midwestern United States The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of the United States. I ...

and has since expanded nationally. In 2022, ''

Business Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

'' recognized Acrisure as the 8th largest

insurance broker An insurance broker is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation. An insurance broker is distinct from an insurance agent in that a broker typically acts on behalf of a client by negoti ...

in the world.

History

In 2005, Acrisure was founded by Greg Williams and Ricky Norris. In 2013,

Genstar Capital Genstar Capital is a private equity firm that executes leveraged buyout transactions in middle-market companies based in North America. Founded in 1988, Genstar currently has approximately $33 billion in assets under management. Based in San ...

purchased Acrisure and much of the company's growth was accounted by

acquisitions Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

; in 2014 the company acquired 23 firms and in 2015, it took over 59 other agencies compared to 26 acquisitions between 2005 and 2013. The majority of Acrisure's trade – 60% of deals – come from existing entities it acquired, with the company's

chief financial officer The chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financ ...

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.

Blackstone Inc Blackstone Inc. is an American alternative investment management company based in New York City. Blackstone's private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate bu ...

provided funding to Acrisure in December 2018. In 2019, the company was 84% employee-owned and after acquiring

Pittsburgh Pittsburgh ( ) is a city in the Commonwealth (U.S. state), Commonwealth of Pennsylvania, United States, and the county seat of Allegheny County, Pennsylvania, Allegheny County. It is the most populous city in both Allegheny County and Wester ...

-based Tulco Labs in 2020, began to organize Altway, an

artificial intelligence Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by animals and humans. Example tasks in which this is done include speech re ...

insurance platform. 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 Acrisure Arena is a multi-purpose 10,000-seat indoor arena in the unincorporated community of Thousand Palms in Riverside County, California's, Coachella Valley Palm Springs Area. The arena broke ground on June 2, 2021, on of land near the ...

Palm Desert, California Palm Desert is a city in Riverside County, California, United States, in the Coachella Valley, approximately east of Palm Springs, northeast of San Diego and east of Los Angeles. The population was 48,445 at the 2010 census. The city has bee ...

in January 2022. In June 2022, the Abu Dhabi Investment Authority (ADIA) funded $725 million in series B-2

stock funds In finance, stock (also capital stock) consists of all the shares by which ownership of a corporation or company is divided.Longman Business English Dictionary: "stock - ''especially AmE'' one of the shares into which ownership of a company ...

to Acrisure, with the company being valued at $23 billion at the time. In July 2022, Acrisure was granted naming rights for

Acrisure Stadium Acrisure Stadium is a football stadium located in the North Shore neighborhood of Pittsburgh, Pennsylvania, United States. It primarily serves as the home of the Pittsburgh Steelers of the National Football League (NFL) and the Pittsburgh Pan ...

(previously known as Heinz Field) in Pittsburgh, Pennsylvania, home to the

Pittsburgh Steelers The Pittsburgh Steelers are a professional American football team based in Pittsburgh. The Steelers compete in the National Football League (NFL) as a member club of the American Football Conference (AFC) North division. Founded in , the Steel ...

. In July 2022, Acrisure acquired two managed service providers, ITS Inc. and Catalyst Technology Group. In October 2022, Acrisure acquired top-rated NYC-based managed service provider Homefield IT (formerly ManhattanTechSupport.com) https://www.acrisure.com/news-and-insights/acrisure-cyber-services-acquires-leading-managed-service-provider-homefield-it

References

{{Reflist Organizations based in Grand Rapids, Michigan Financial services companies of the United States