Acrisure snaps up UK insurance brokerage and risk manager
Global broker Acrisure has continued its expansion spree with the acquisition of a bespoke insurance brokerage and risk manager in the UK.
The company has acquired Nottingham-based Russell Scanlan that advises on all kinds of commercial insurance, from large corporates through to SMEs, across multiple and specialist sectors and for private clients.
The deal is expected to close in the near term, pending FCA regulatory approvals.
To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions, and now operates in over a dozen countries. The Company recently closed a $725 million Series B-2 preferred equity at a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.
Following the deal, the existing Russell Scanlan management team, led by managing director Bryan Banbury, sales & marketing director Mike Dickinson, and director Simon Winiarski, will continue to run the business.
Mark McIlquham, president of Acrisure UK retail, said: “We are excited to work together to continue to grow what has been a fantastic business since inception more than 140 years ago. We have enjoyed getting to know the management team and have been impressed by their dedication to their clients and their business. We are committed to preserving and adding to Russell Scanlan’s legacy, culture, values, and staff through the resources we can offer and our non-disruptive model.”
Banbury said: “This new move for the business marks significant intent for its future, and one which we feel introduces huge benefits. Acrisure demonstrated detailed understanding of the Russell Scanlan brand and the reputation that it carries in the industry from our earliest discussions and now, the support that we have in place provides us with added strength and confidence to continue with growth and expansion plans, whilst remaining at every level, a business firmly focused on customer service.”
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