Acrisure has bought broker and risk management firm Russell Scanlan.
The deal, which is pending approval by the UK’s Financial Conduct Authority (FCA), is expected by the firm to be completed in ‘the near term’.
To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions. Established in Nottingham in 1881, Russell Scanlan prides itself on a strong professional pedigree built through advising on all forms of commercial insurance, from large corporates through to SMEs, across multiple and specialist sectors and for private clients.
As part of Acrisure, the Russell Scanlan team will now benefit from Acrisure’s global network of insurance peers as well as access to the Company’s world-class AI systems and technology.
Mark McIlquham, president of Acrisure UK retail, said in a statement: l “I look forward to welcoming the Russell Scanlan team to Acrisure. 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.”
The global expansion of Acrisure has been buttressed in recent weeks by its securing additional funding of $725m in Series B-2 preferring equity, a move that also saw it receive a valuation of $23bn, up 31% since it preferred equity raise in March 2021.
Acrisure said that the existing Russell Scanlan management team, led by managing director Bryan Banbury, sales and marketing director Mike Dickinson, and director Simon Winiarski, will continue to run the business. Additionally, the firm will continue to operate under the Russell Scanlan brand.
Acrisure expects to make further announcements of new UK acquisitions and partnerships near term.