Mar 25, 2021

Two big investment funds secure Acrisure US$3.4bn

Acrisure
Insurance
BDT Capital Partners
AI
William Girling
2 min
Two big investment funds secure Acrisure US$3.4bn
Top 10 insurance distribution platform Acrisure has managed to raise over $3.4bn in capital following two substantial funds...

The first, through merchant bank BDT Capital Partners, brought $3bn of investment into Acrisure’s Senior Preferred Stock. The funds will reportedly be used to perpetuate the company’s momentum as insurance’s “fastest-growing broker.”

The second was facilitated by a consortium of investors, whose enthusiasm was buoyed by Acrisure’s tech-first ethos and its acquisition of Tulco’s AI (artificial intelligence) insurance business in July 2020. In total, $454m of new capital was invested in Junior Preferred Stock.

Finding success during the pandemic

Acrisure’s reputation as a fast-growing broker is fully justified: between 2017 and 2020, the company managed to more than triple its revenue from $650m to $2bn.

Indeed, the COVID-19 pandemic appears to have done nothing to slow down its progress. Acrisure is aware of this and attributes its continued success to strong cultural values and its partnership model of operating.

Regarding the $3.4bn in new funding, Greg Williams, Co-Founder, President and CEO of Acrisure, said, “These transactions are a clear reflection of how the market is valuing both the strength of our existing insurance brokerage business and, importantly, our vision for accelerating our technology initiatives going forward.

“Based on our data, AI foundation and global distribution capabilities, we will accelerate our growth in the insurance brokerage industry and into adjacent opportunities.”

Unlocking the potential of AI

Acrisure isn’t alone in realising the value of AI’s applications within insurance; from insurtechs to software developers, the technology’s ability to optimise front and back end operations is making it an attractive proposition. 

Yet other commentators remain more conservative. For instance, Josh Odmark, Co-Founder and CTO, Pandio, recently told us that AI is “a technology that is both fundamental to the future of the industry and difficult to execute properly at scale.” If AI is to escape becoming a victim of its own hype - a mere novelty - it needs to mature and focus on the future.

Odmark continues, “The correct way to approach AI initiatives is not getting caught up in ‘how can I get this done now?’, but rather, “how can I sustain AI five years in the future?’

“AI projects cannot be easily lifted and shifted to new platforms once they’ve begun, so making sure they can routinely capture new and existing data from the variety of insurance systems and process them in a scalable manner is the difference between failure and success. Staying ahead of burgeoning data growth is the key to realising AI initiatives.”

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Jun 18, 2021

The Ultimate FinTech & InsurTech LIVE Event

Insurtech
Fintech
live
event
3 min
We release three new speaker names for the FinTech and InsurTech virtual conference that can’t be missed, streaming live from London

From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future. 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.

The event will include:

 

  • Keynote addresses from respected industry leaders
  • Dynamic live roundtables (inc. Q&A)
  • Fireside discussions
  • Inspirational Speakers & Presentations
  • Extensive networking opportunities

 

 

Meet the Speakers

Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees. 

Our second batch consists of:

 

Scott Abraham

Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.” 

Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.

In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.

 

Alistair Fraser-Hawkins

Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.

Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:

"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."

 

Mike Massaro

Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.

An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.

His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.

 

This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.

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