US-based insurance broker Acrisure has announced the acquisition of Spain’s Summa Insurance Brokerage for an undisclosed sum.
Summa’s acquisition marks Acrisure’s entry into the Spanish market and takes the number of countries where it has a physical presence to ten.
Founded in 2005, Summa has offices and franchises across Spain and has grown revenues to over €11.5m
The deal adds Summa to Acrisure’s global network of partners who offer financial services solutions in areas such as re/insurance, real estate, cyber services, and asset management.
Acrisure co-founder, CEO and president Greg Williams said: “Summa has an impressive track record displaying strong growth over the last several years while solidifying their position as a top insurance broker in Spain.
“Summa’s exceptional team and their particular focus on training insurance experts with multidisciplinary skills make for a strong combination as we continue our geographical expansion.”
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Summa’s president and CEO Jose Antonio Vargas Gonzalez said: “The partnership with Acrisure will be immensely valuable to us as we integrate their tech-driven approach and capabilities into our operations.
“This will allow us to rapidly accelerate our growth in Spain and offer clients a robust suite of solutions.”
Acrisure International president Jason Howard said: “As we continue to look for ways to strategically expand our global presence, marrying the expertise of Summa in one of Europe’s key markets with the vast technological resources of Acrisure, brings a great opportunity for us to meet our common goals.”
In October 2021, Acrisure brokered a deal to buy Brazilian benefits management and insurance broking firm It’sSeg and enter the Brazilian market.