Insurance broker Acrisure said to shop for IPO managers

Global re/insurance broker  Acrisure is shopping the market for investment bankers that might take the firm public through a 2024 IPO, insiders to the process told Bloomberg.

Nothing is certain on either the size or even the eventuality of an IPO, the individuals told Bloomberg. Acrisure could yet chose to stay private, they said. Acrisure declined to comment on the report.

Acrisure last raised $725 million in equity funding in mid-2022 to give the Michigan-based firm a valuation at $23 billion at the time.

That funding was led by a unit of the Abu Dhabi Investment Authority (ADIA), with participation from Guggenheim Investments on behalf of certain clients and Oak Hill Advisors (OHA).

Since then, Acrisure has been hot on the M&A path, announcing a slew of deals in the UK plus forays into European markets.

Acrisure had also sold the 2022 funding round on the need to grow its tech enabled solutions, increase marketing and brand awareness, and invest in talent and technological infrastructure to support growth.

Acrisure bills itself as the “fastest growing brokerage in industry history,” now at $4.1 billion pro forma revenue from over 1000 locations across 21 countries.

Investors have shown an appreciation for the segment. Over the past year, shares of Marsh McLennan and WTW are up neighbourhood 20%, Aon has gained circa 30%, and AJ Gallagher has risen in excess of 37%. Taking a cut of a hard market without bearing risk seems to find understanding.

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