Fintech firm Acrisure has announced the acquisition of Appalachian Underwriters, a U.S. Managing General Agency (MGA), and U.S. Administrator Claims, a Third-Party Administrator (TPA), in addition to affiliated entities.
With a model that encompasses both an MGA and wholesale distribution, Appalachian places more than $400 million gross written premium (GWP) into the insurance market.
Core business divisions of Appalachian include Workers’ Compensation, Commercial Specialty, Personal Lines and Transactional Wholesale.
Among the largest independent MGAs, Appalachian’s custom programs and underwriting facilities are distributed on a national basis and are supported by domestic carriers and Lloyd’s of London.
“Appalachian presents a unique partnership opportunity,” said Greg Williams, Co-Founder, CEO and President of Acrisure. “With very few entities of its kind in existence, we’re excited about this deal and the acceleration it will provide both Acrisure and Appalachian.”
“Further, this new Partnership will expand our technology platforms as we integrate data and systems with our artificial intelligence (AI) strategy,” Williams added. “Of particular interest is the ability to access Appalachian’s deep and broad dataset including claims information as a tool to further model, underwrite and package Acrisure’s risk premium for distribution across multiple markets.”
Bob Arowood, President of Appalachian Underwriters, also commented: “The Appalachian family of companies, now joined with Acrisure, creates a dynamic and transformative force in the market.”
“Acrisure’s platform is the most robust and innovative in the financial services industry and we’ve admired how they’ve built such a successful organization with a strong and differentiated culture. I couldn’t be more excited about this opportunity.”