2020 brokerage revenue: $1.97B
Percent increase (decrease): 9.2%
Acrisure LLC has continued its breakneck acquisition strategy while juggling a move to a new headquarters, changes in the C-suite and a continued drive toward making technology a cornerstone of its business.
The brokerage has already closed or signed letters of intent for more than 85 acquisitions since the start of the year and is on pace to eclipse the 110 acquisitions that closed in 2020, CEO Gregory L. Williams said.
The 2020 deals helped Grand Rapids, Michigan-based Acrisure grow its brokerage revenue 9.2% to $1.97 billion and move up one notch to No. 9 in Business Insurance’s ranking of the world’s largest brokers.
A key transaction was its July 2020 purchase of artificial intelligence company Tulco LLC — the broker’s largest investment in a single asset at the time. The $400 million deal was a stock-for-stock trade, and Tulco became a significant minority shareholder in Acrisure.
Mr. Williams described the acquisition as “highly intentional” and a way to continue to leverage technology.
“We chose to deploy technology in a way that helps the human relationship side of our business. … It is transforming every facet of our business,” he said.
“In the P/C industry itself, there’s more discussion today about value chain compression than there has ever been, there’s more talk about tech deployment than there has ever been,” Mr. Williams said….