Insurance broker Acrisure is planning to launch an initial public offering (IPO) next year at a valuation of more than $20bn, reported BNN Bloomberg citing people familiar with the development.

The company has started interviewing banks for launching the IPO, the unnamed sources told the publication.

Last year, Acrisure secured $725m in funding at a $23bn valuation from various entities, including Abu Dhabi Investment Authority.

Discussions are now underway and the company is yet to arrive at decisions regarding the size and timing of the IPO, added the people.

They also noted that Acrisure might choose to continue to operate as a private firm.

A spokesperson for the company refused to give any update on the matter.

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Similar to other brokers that function as intermediaries between enterprises and insurance providers, Acrisure witnessed an increase in revenue due to inflation.

This is driven by a build-up in home prices and other assets that result in higher insurance fees for brokers after they connect clients with plans, according to the publication.

Acrisure, whose platform is fuelled by artificial intelligence, claims that it is the ‘fastest growing brokerage in industry history’ with pro forma revenue of $4.1bn.

Last year, the firm became the seventh largest broker in terms of revenue, as per the estimate of Business Insurance, a trade publication.

Acrisure’s plan for an IPO indicates that the US IPO market could see an increase in strength. The US IPO market has been going through its slowest year since around 2009.

The latest development follows the announcement of Acrisure acquiring TEn Insurance Services for an undisclosed sum.