Acrisure
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The layoffs will mostly affect workers in Michigan. -
The move marks Acrisure Re’s first investment in Latin America.
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Volante’s syndicate may still support select transactional liability risks, but it will not have an in-house team.
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The offering comes after Acrisure’s $2.1bn convertible pref share raise.
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Acrisure recently raised $2.1bn from investors in its latest step towards an IPO.
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Acrisure followed the recaps of Hub International and Broadstreet Partners.
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Additional investors include Fidelity, Apollo Funds and Gallatin Point.
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The preferred shares will mandatorily convert to common equity on an IPO.
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Insurance Insider US examines potential tariffs’ impact on the PE-backed brokers amid the jammed conveyor belt.
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The MGA will be trying to replace the transactional liability capacity in the coming weeks.
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Acrisure may be the first heavyweight broker to go, with Hub, BroadStreet and Howden also contenders.
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The business is targeting an enterprise value in excess of $30bn, sources said.
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Some will play “pretend and extend”, but others will sell to strategics or take the steep climb to an IPO.
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The new wholesale broking team will begin with professional liability, Acrisure said.
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A quick roundup of today’s need-to-know news, including Chubb’s Q2 earnings call.
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The six execs left Acrisure for rival broker Woodruff Sawyer in March.
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The team members’ backgrounds include construction, bonding and surety.
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The P&C business will be led by managing director Brian Fischer.
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The executive will report to Acrisure North America president Michael Cross.
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The company’s book is being run off by Boost Insurance.
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Adrian Jones will report to Acrisure’s president of global insurance Grahame Milwater, a spokesperson for the broker confirmed Tuesday.
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The question of how to finance the private brokers no longer begins and ends with a PE flip.
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Inside P&C’s news team runs you through the key highlights of the week.
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The pivot from the industry’s arch decentralizer underscores the opportunities brokers are chasing in a deteriorating operating environment.
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The company will operate under a single brand as it moves away from its prior reputation as broking’s arch decentralizer.
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Jennifer D’Arcy will be responsible for building out the carrier’s fac strategy for North America from London.
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Increased cost of capital is cooling tuck-in M&A, encouraging a pivot to organic growth and forcing greater creativity around financing.
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Singer’s hire was perceived as an attempt to build out the finance function of the broker in a way which would make the firm public market ready.
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The proposed change could disrupt M&A at brokers, shift the calculus in favor of team lifts and dial up C-suite focus on becoming an employer of choice.
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The appointments come after a slew of acquisitions, with many executives from acquired entities taking senior roles.
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The launch will allow the Lloyd’s market to access a greater proportion of Acrisure’s $32bn managed premium.
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The new recruit joins from Guy Carpenter and has worked at JLT Re and Willis Re.
