Acrisure acquires artificial intelligence insurance business

US-based insurance broker Acrisure has acquired the artificial intelligence (AI) business of investment firm Tulco to provide data science, AI, and machine learning capabilities to the insurance brokerage industry.

The deal was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure.

The transaction builds on a year-long partnership between the two companies. In 2019, the two firms formed Altway Insurance, a fully-AI backed brokerage focused initially on individual health benefits.

Greg Williams, co-founder, CEO and president of Acrisure, said: “Businesses that succeed in the medium to long term must be nimble, data-rich and digitally oriented. The transaction with Thomas Tull and the Tulco team accelerates our ability to do all the above.

“We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned. Tulco’s world-class talent and ability to apply AI and intelligent automation is immeasurable as it relates to meeting the needs of our clients and transforming our company. We’re very pleased to be working with the entire Tulco team as we take this transformational step with like-minded entrepreneurs. I’m excited about what we will create together.”

Thomas Tull, chairman and CEO of Tulco, commented: “A significant amount of capital has been deployed into insurtech, but we have a truly unique opportunity for scaled transformation as we layer AI into current processes. Partnering with Acrisure over the last year and implementing the tech has given me the confidence and excitement that we will do things that are highly impactful. I look forward to helping Greg build the most forward leaning technology and advanced insurance brokerage in the world.”