Acrisure, a fintech and insurance brokerage company, has raised $725m in Series B-2 Preferred Equity round that was led by a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA).
The round had seen participation from Guggenheim Investments on behalf of some clients and Oak Hill Advisors (OHA).
With this fundraise, Acrisure’s valuation has touched $23bn, representing a 31% jump from its last preferred equity raise in March 2021.
The new funding will enable the insurance brokerage firm to continue with its value-accretive acquisitions, expand its tech-enabled solutions, bolster marketing and brand awareness, and invest in human and technological infrastructure.
Furthermore, the new funding cuts down Acrisure’s net debt leverage by 0.6x.
Acrisure co-founder, CEO and president Greg Williams said: “This investment is a testament to our strategic direction and ability to innovate and adapt to the needs of our customers.
“We are thrilled to partner with ADIA and OHA, premier, globally recognized investment institutions, and continue our work with Guggenheim. This transaction reaffirms how the market, and our partners, value the strength of our performance and trajectory for future growth.”
ADIA executive director for private equities department Hamad Shahwan Aldhaheri said: “Acrisure has grown at a rapid pace to become one of the world’s leading insurance brokers, and our investment aims to support the company as it continues to execute on its strategy.
“This transaction adds to our extensive portfolio of investments across the insurance industry value chain, a large and attractive market backed by long term growth trends.”
Set up in 2005, Acrisure offers customers intelligence-driven financial services solutions for insurance and reinsurance, real estate services, cyber services and asset and wealth management.