Acrisure acquires large Brazilian broker to expand in Latin America
Global broker Acrisure has substantially expanded its presence in Latin America by acquiring “the largest independent benefit management and insurance broking firm in Brazil”.
The acquisition of It’sSeg also marks Acrisure’s entry into the Brazilian market. Earlier this year, Acrisure embarked on an aggressive growth strategy that saw the company make several top leadership changes, senior hires from rivals, launch of new asset management, real estate services and cyber divisions, in a bid to expand and transform itself into a broad-based technology-driven financial services platform. This year, the broker also surpassed $3 billion in annual revenue.
It’sSeg has over R$2.5 billion of premiums. The company was founded in 2014 by Thomaz Menezes, who will remain as its CEO, and private equity firm Actis. It’sSeg will join a global network of Acrisure Partners, with several of its senior executives remaining shareholders in the company.
The transaction with Acrisure involves all companies within the It’sSeg group, including Barela - the consultancy and brokerage arm that specialises in insurance broking for small companies and associations, Gebram - insurance distributor in inner-state São Paulo, Você Clube - benefits management, B2P, and Oktuz.
The transaction is expected to close within the next three months, subject to regulatory approval.
“Brazil offers immense opportunities and is a market we’ve been focused on for a long time,” said Greg Williams (pictured), co-founder, CEO and president of Acrisure. “With Thomaz and the It’sSeg team we’ve partnered with exceptional people who have built an exemplary business in a short period of time. We’re philosophically and fundamentally aligned as both Acrisure and It’sSeg value strong partnerships, innovative solutions and client centricity.”
Menezes commented: “Partnering with Acrisure opens a range of possibilities to accelerate our growth in Brazil and Latin America. Through Acrisure’s innovative tech-driven approach, we will be able to diversify and expand the range of products we offer our clients.”
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