Acrisure, a leading insurance firm, has secured a $2.1 billion investment through the sale of convertible senior preferred stock, led by Bain Capital. The capital raise values Acrisure at $32 billion, representing a nearly 40% increase from its last institutional funding round three years ago.
Investment Details and Strategic Plans
The funds raised will be used to refinance existing non-convertible preferred stock, support strategic mergers and acquisitions (M&A), and further develop Acrisure’s technology-driven financial services platform. The investment round saw participation from prominent investors including Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, and BDT & MSD Partners.
Acrisure plans to continue pursuing targeted M&A opportunities to expand its footprint and enhance its service offerings. The company has built its current portfolio through approximately 900 acquisitions, with services spanning real estate, cybersecurity, payroll and payments, and retirement and wealth solutions. BDT & MSD Partners remains Acrisure’s largest minority shareholder following the transaction.
Leadership and Growth Strategy
As part of its growth plans, Acrisure has recently appointed key senior leadership members. Mark Wassersug, former COO of Intercontinental Exchange, joined as chief technology officer, while Shawn Pelsinger, previously global head of corporate development at Palantir Technologies, took on the role of chief administrative officer. Greg Williams, Acrisure’s chairman, CEO, and co-founder, emphasized the significance of this investment, stating, “I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
Market Context and Future Prospects
This investment is the latest in a series of significant moves in the insurance sector by Bain Capital. Recent activities include the sale of UK-based insurer Esure to Belgian company Ageas for £1.3 billion and an $825 million investment to acquire a 9.9% stake in Lincoln Financial Group. Acrisure’s growth strategy positions it as a major player in the fintech solutions market for small and medium-sized enterprises (SMEs) both domestically and internationally.
