Acrisure reaches $23 billion in valuation after latest funding

(Reuters) — Acrisure said Tuesday it has raised $725 million in a fresh funding round led by a wholly owned subsidiary of the Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion.

The company has benefited from a jump in global commercial insurance premiums that rose 11% on average in the first quarter, according to broker Marsh, with the war in Ukraine worsening pressure on rates. 

The Grand Rapids, Michigan-based company has grown its revenue to $3.5 billion from $38 million in the last eight years.

Acrisure plans to use the latest funding, supported by certain clients of Guggenheim Investments and Oak Hill Advisors, to increase brand awareness and invest in human and technological infrastructure, according to a statement. 

Founded in 2005, the company was valued at $17.5 billion, including debt, in March this year when it raised $3 billion. 

CEO Greg Williams with a consortium of minority investors bought Acrisure in a $2.9 billion deal from private equity firm Genstart Capital in November 2016.