Acrisure has signed a definitive agreement for the issuance of new convertible senior preferred stock in a $2.1bn capital raise led by Bain Capital. 

The funds will be used by the company to refinance a portion of its existing non-convertible preferred stock, and pursue strategic mergers and acquisitions. 

The capital raise has driven Acrisure’s valuation to $32bn, a nearly 40% increase since its last institutional funding round three years ago. 

The investor group for this transaction includes Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners and a consortium of additional investors. 

No existing investor exited as part of this deal, with BDT & MSD remaining Acrisure’s largest minority shareholder through affiliated funds. 

Acrisure CEO, co-founder and chairman Greg Williams said: “This transaction represents a significant milestone and serves as proof that our vision for Acrisure’s scaled platform has become a reality.  

“I see limitless potential for how far Acrisure can go, and we are extremely grateful for the financial support and validation from our investors.” 

Bain Capital partner Cristian Jitianu will join Acrisure’s board of directors. 

Jitianu stated: “Greg and his talented leadership team have built an impressive business that is clearly differentiated by its combination of entrepreneurial DNA, cutting-edge technology capabilities and deep industry expertise.  

“We are pleased to be selected as Acrisure’s partner of choice on this transaction and look forward to supporting their continued growth strategy as the company builds on its success delivering the right personalised insurance and business solutions to its clients.” 

Recently, the company bolstered its leadership team with the appointments of Mark Wassersug as chief technology officer and Shawn Pelsinger as chief administrative officer.