Acrisure has announced that it has acquired artificial intelligence leader, Tulco LLC’s insurance practice to bring in data science, AI and machine learning capabilities to the insurance brokerage industry.
Acrisure said that the acquisition will be “a transformational move” for the company as it will enable a true deployment of insurtech on a large scale by combining the global distribution power of Acrisure with the expertise of Tulco.
The deal, which was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure was announced by Greg Williams, Co-Founder, CEO and President of Acrisure and Thomas Tull, Chairman and CEO of Tulco.
“Businesses that succeed in the medium to long term must be nimble, data-rich and digitally oriented,” said Williams. “The transaction with Thomas Tull and the Tulco team accelerates our ability to do all the above.”
Williams continued, saying: “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.”
Mr. Tull will be actively involved in the strategic direction of the company as the Chairman of the new “Acrisure Technology Group” and will assist in attracting and retaining other key talent as the company further transforms into the company.
Acrisure has previously invested in robust data sets and internal analytics to better understand the risk needs of its clients and to accelerate the organic growth of the company.
The merging of Tulco AI into the Acrisure network will accelerate sales development and risk intelligence across the entire portfolio, which is heavily focused on the U.S. small and medium commercial market.