American insurance brokerage firm Acrisure has continued its buying spree with the takeover of UK independent specialty broker Russell Scanlan.
Russell Scanlan, which was founded in 1881, advises on all types of commercial insurance for businesses of all scales across multiple sectors, including for private clients.
The British firm’s team will join Acrisure’s global network and get access to the company’s artificial intelligence systems and technology.
The deal, whose financial terms have not been revealed, is expected to conclude in the near term following the receipt of regulatory approvals.
Commenting on the deal, Acrisure UK Retail president Mark McIlquham said: “We are excited to work together to continue to grow what has been a fantastic business since inception more than 140 years ago.
“We have enjoyed getting to know the management team and have been impressed by their dedication to their clients and their business. We are committed to preserving and adding to Russell Scanlan’s legacy, culture, values, and staff through the resources we can offer and our non-disruptive model.”
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As a part of the deal, the existing management team Russell Scanlan will continue to manage the business.
Furthermore, the acquired firm will continue to operate under the Russell Scanlan brand.
Russell Scanlan managing director Bryan Banbury said: “Acrisure demonstrated detailed understanding of the Russell Scanlan brand and the reputation that it carries in the industry from our earliest discussions and now, the support that we have in place provides us with added strength and confidence to continue with growth and expansion plans, whilst remaining at every level, a business firmly focused on customer service.”
Acrisure, which is on an acquisition spree, has completed or has under letter of intent 100 acquisitions.
Last week, Acrisure acquired tech-driven US insurance agency QuickInsured.
The company recently raised $725m in Series B-2 Preferred Equity round at a valuation of $23bn.
Acrisure also revealed that it plans to make more acquisitions in the UK as well as forge new partnerships in near term to spur growth.