Acrisure said it has entered into a definitive agreement for the issuance of new convertible senior preferred stock in a $2.1 billion capital raise led by Bain Capital.
Acrisure said the company’s valuation stands at $32 billion—a nearly 40% increase since its last institutional capital raise three years ago.
Other investors included Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and a consortium of others.
Funds from the round will be used to refinance a portion of its existing non-convertible preferred stock, pursue strategic M&A, and accelerate its development as a tech-enabled financial services platform. Acrisure said it will continue to expand its footprint and product offerings, which include real estate services, cybersecurity tools, payroll and payment processing, and retirement solutions.
“Our evolution from an insurance brokerage into an AI- and technology-powered global financial services provider has opened the door to massive opportunity,” said Greg Williams, chairman, CEO and co-founder of Acrisure. “I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors.”
No existing investor exited as part of this transaction. BDT & MSD remains the largest minority shareholder in Acrisure through affiliated funds.
Topics
Mergers & Acquisitions
InsurTech
Tech
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