Acrisure is a

financial technology Financial technology (abbreviated as fintech) refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, ...

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 protect ...

company headquartered in

Grand Rapids, Michigan Grand Rapids is the largest city and county seat of Kent County, Michigan, United States. With a population of 198,917 at the 2020 United States census, 2020 census and estimated at 200,117 in 2024, Grand Rapids is the List of municipalities ...

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

Midwestern United States The Midwestern United States (also referred to as the Midwest, the Heartland or the American Midwest) is one of the four census regions defined by the United States Census Bureau. It occupies the northern central part of the United States. It ...

and has since expanded nationally. In 2022, ''

Business Insurance Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." A business entity is not necessari ...

'' recognized Acrisure as the 6th 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

Acrisure was founded in 2005 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 a company, business organization, or one of their operating units is transferred to or consolidated with another entity. They may happen through direct absorpt ...

; 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 A chief financial officer (CFO) is an officer of a company or organization who is assigned the primary responsibility for making decisions for the company for projects and its finances; i.a.: financial planning, management of financial risks, ...

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. It was founded in 1985 as a mergers and acquisitions firm by Peter Peterson and Stephen Schwarzman, who had previously worked together at Lehman ...

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

Pittsburgh Pittsburgh ( ) is a city in Allegheny County, Pennsylvania, United States, and its county seat. It is the List of municipalities in Pennsylvania#Municipalities, second-most populous city in Pennsylvania (after Philadelphia) and the List of Un ...

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

artificial intelligence Artificial intelligence (AI) is the capability of computer, computational systems to perform tasks typically associated with human intelligence, such as learning, reasoning, problem-solving, perception, and decision-making. It is a field of 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 indoor arena in unincorporated Thousand Palms, California in Riverside County, California, United States. The arena opened in December 2022 on of land in the Coachella Valley between Interstate 10 and the Clas ...

Thousand Palms, California Thousand Palms is a census-designated place (CDP) in the Coachella Valley of Riverside County, California, United States. The population was 7,967 at the 2020 census, up from 7,715 at the 2010 census. Geography Thousand Palms is located at . It ...

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

stock fund A stock fund, or equity fund, is a fund that invests in stocks, also called equity securities. Stock funds can be contrasted with bond funds and money funds. Fund assets are typically mainly in stock, with some amount of cash, which is general ...

s 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, formerly (and still colloquially) known as Heinz Field, is a football stadium located in the North Shore neighborhood of Pittsburgh, Pennsylvania. It primarily serves as the home of the Pittsburgh Steelers of the National Foot ...

(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 of the American Football Conference (AFC) AFC North, North division. Founded in 1933 P ...

. In July 2022, Acrisure acquired two managed service providers, ITS Inc. and Catalyst Technology Group. In September 2023, it was announced Acrisure had acquired the

London London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...

-headquartered insurance company, Modus Underwriting Ltd. That month, the insurance company also earned naming rights for a new amphitheater in Grand Rapids;

Acrisure Amphitheater Acrisure Amphitheater is a 12,000 seat outdoor amphitheatre which broke ground in Grand Rapids, Michigan in May of 2024 and to be completed by 2026. History After the City of Grand Rapids determined it would move its fleet of municipal vehicles ...

References

{{Reflist Organizations based in Grand Rapids, Michigan Financial services companies of the United States 2005 establishments in Michigan