Tech driving broker success, M&A activity: Acrisure CEO
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Insurtech has helped Acrisure LLC succeed and expand, the broker’s leader says.
“Technology is at the forefront of what we’re doing and what we’ve done,” said Greg Williams, CEO, co-founder and president of Acrisure LLC, speaking Wednesday at the InsureTech Connect conference in Las Vegas.
Acrisure started investing in proprietary technology in 2018 as the broker intentionally scaled its business at the pace of 100 acquisitions a year, he said.
In July 2020, the broker spent $400 million to acquire Pittsburgh-based artificial intelligence firm Tulco LLC’s insurance practice – Acrisure’s second-largest acquisition ever – and deploy that technology across its business, Mr. Williams said.
Asked by session moderator, llya Bodner, CEO and founder of Bold Penguin Inc., what is Acrisure’s “secret sauce,” Mr. Williams replied: “It’s a combination of a lot of things that have to go right.”
Acrisure began 2021 with $2 billion in annual revenue, and will finish the year at $3.2 billion, Mr. Williams said. The broker started 2021 with about $775 million in EBITDA and will finish with $1.25 billion.
Mr. Williams added that one of Acrisure’s strengths is that 75% of the business is owned by “people who work in the business every day,” he said.
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