U.S.-based insurance broker Acrisure reports that it has acquired UK independent specialty broker Russell Scanlan in Nottingham.
The deal is expected to close in the near term, pending Financial Conduct Authority (FCA) regulatory approvals. Details were not disclosed.
Acrisure said that the existing Russell Scanlan management team, led by Managing Director Bryan Banbury, Sales & Marketing Director Mike Dickinson, and Director Simon Winiarski, will continue to run the business. The firm will continue to operate under the Russell Scanlan brand.
Established in Nottingham in 1881, Russell Scanlan advises on all forms of commercial insurance for businesses of all sizes across multiple sectors and also for private clients. Its specialty programs include offerings for pilots, microbreweries and hospitality venues.
As part of Acrisure, the Russell Scanlan team will gain access to Acrisure’s global network of insurance partners as well as access to the company’s artificial intelligence systems and technology.
To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions. It now has operations in more than a dozen countries. Acrisure said it expects to make further announcements of new UK acquisitions and partnerships near term.
Acrisure recently closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.
Acrisure provides a variety of products including Insurance, real estate services, cyber services, and asset management services. The company has grown revenue from $38 million to more than $3.8 billion in eight years.
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