US-based insurance broker Acrisure has signed a definitive agreement to acquire Brazilian benefits management and insurance broking firm It’sSeg.

The financial value of the deal, which marks Acrisure’s entry into the Brazilian market, has not been revealed.

It’sSeg, which was founded in 2014 by Thomaz Menezes and the private equity firm Actis, has over $446m (BRL2.5bn) of premium.

Acrisure seeks to expand its Latin American operations through the acquisition, which includes the companies within the It’sSeg group.

These include SME-focused insurance broker Barela and insurance distributor Gebram, among others.

Acrisure co-founder CEO and president Greg Williams said: “Brazil offers immense opportunities and is a market we have been focused on for a long time.

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“With Thomaz and the It’sSeg team, we have partnered with exceptional people who have built an exemplary business in a short period of time.”

It’sSeg brings over 1,000 corporate clients to a global network of Acrisure Partners, which offer services such as insurance, reinsurance, and asset management.

Menezes said: “Partnering with Acrisure opens a range of possibilities to accelerate our growth in Brazil and Latin America. Through Acrisure’s innovative tech-driven approach, we will be able to diversify and expand the range of products we offer our clients.”

The deal is subject to regulatory approval and is expected to close within the next three months.

Earlier this year, Acrisure’s reinsurance arm launched a London-based cyber reinsurance division in partnership with cyber risk modeller, Kovrr.