Reinsurance News

Acrisure to acquire two more firms

26th October 2022 - Author: Pete Carvill

Fintech firm Acrisure is to acquire the firms Sutton Winson and Sutton Specialist Risks (SSR).

acrisure-logoBoth deals are subject to FCA approval and are expected to close within the next few weeks. This year, the firm says that it has completed or has under a letter of intent more than 120 acquisitions.

Mark McIlquham, president of Acrisure UK Retail, said: “When I joined Acrisure in 2021, we compiled a list of respected, high-quality independent brokers and MGAs that we would love the opportunity to partner with – the Sutton Group was right at the top of this list. We are deeply impressed by their cultures, brands, and capabilities, putting customers and staff at the centre of all they do. Together with Acrisure, we’re eager to add to the legacy, culture, values, and career opportunities for the staff at Sutton Winson and SSR.”

Founded in 1955, Sutton Winson is a commercial SME and specialist personal lines insurance broker and professional risk advisory business, with offices in Middlesex and West Sussex. The firm specialises in defined sectors and trades, offering bespoke insurance solutions and Risk Management services to clients across the UK and internationally. It also has an Employee Benefits division offering schemes for company employees and a specialist Private Clients team providing a boutique offering to high-net-worth individuals.

SSR was formed in 1989 to provide niche expertise and wholesale insurance products to meet the needs of clients operating in the security and fire protection. From its inception, SSR has maintained an exclusive relationship with QBE Insurance Group, which has enabled SSR to consistently meet the needs of high-risk industries. SSR continues to develop new products for emerging and established sectors, both with QBE and other providers, such as AXA XL and Aviva Insurance.

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Sutton Winson and SSR will continue to operate under their brands as part of Acrisure. The existing management teams will continue to run the businesses. Gary Uren, who has been with SSR since its formation in 1989, will be taking over the managing director role from John Ludley. Ludley will be remaining with SSR as executive chair. Gareth Roberts, who joined Sutton Winson in 2018, will be taking over the managing director role from David Thomson, who will be remaining with Sutton Winson as executive chair.

Acrisure says that it expects to make further announcements of new UK acquisitions and partnerships in the near term. The company recently closed $725m in Series B-2 Preferred Equity and received a $23bn valuation, representing a 31% increase from its last preferred equity raise in March 2021.

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