US-based insurance broker Acrisure has acquired managing general agency Appalachian Underwriters, third-party administrator US Administrator Claims, and affiliated entities.
Acrisure did not divulge the financial details of the deal.
Appalachian’s operating model includes both an MGA and wholesale distribution and places over $400m in gross written premiums.
Its core business divisions include workers compensation, commercial speciality, personal lines and transactional wholesale.
Acrisure stated that Appalachian’s distribution network will complement its own.
Appalachian’s programmes and underwriting facilities are distributed across the country and are supported by domestic carriers and Lloyd’s of London.
Acrisure co-founder, CEO and president Greg Williams said: “With very few entities of its kind in existence, we’re excited about this deal and the acceleration it will provide both Acrisure and Appalachian. Further, this new partnership will expand our technology platforms as we integrate data and systems with our artificial intelligence (AI) strategy.
“Of particular interest is the ability to access Appalachian’s deep and broad dataset including claims information as a tool to further model, underwrite and package Acrisure’s risk premium for distribution across multiple markets.”
Appalachian Underwriters president Bob Arowood said: “The Appalachian family of companies, now joined with Acrisure, creates a dynamic and transformative force in the market. Acrisure’s platform is the most robust and innovative in the financial services industry and we’ve admired how they have built such a successful organisation with a strong and differentiated culture.”
The announcement comes shortly after Acrisure acquired SUNZ Insurance’s managing general agency (MGA) and third-party administrator operations.
In a separate development, Zurich Insurance Group’s subsidiary, Zurich American Insurance Company has concluded the acquisition of Special Insurance Services (SIS).
Zurich American Insurance Company agreed to acquire SIS in November 2021.
SIS is a programme manager that develops, underwrites, distributes and administers speciality insurance products for small and midsize employers.