Latest Insurance
- FCA fines JLT Specialty £7.8m for financial crime control failings
- Marsh McLennan creates new Senior Leadership positions
- The link between data hygiene and enterprise value improvements-Thomas Viljeon,CEO Prodinity
- On-road hydrogen vehicles to exceed 1m globally by 2027
- Acrisure acquires Russell Scanlan
- INSTANDA raises $45m to fund its next phase of growth
- EquiTrust Life Partners with Sapiens on their Next Generation Digital Agent Experience expired
- Removing the ‘File and Use’ health insurance policy that caused delays to COVID-19-related products will be a game-changer in India, says GlobalData expired
- Lancashire senior underwriting appointments expired
- Hands to succeed Collins as Miller CEO expired
- Nexus Underwriting establishes new Financial Lines Division-Nexus Frontier expired
- Newslink Global Insurance Trends-Editor's Weekly Highlights expired
22nd June 2022
Acrisure acquires Russell Scanlan
Trend
Acrisure, a fast-growing FinTech leader that operates a top-10 global insurance broker, today announced its acquisition of Russell Scanlan, the UK bespoke insurance brokerage and risk manager. The deal is expected to close in the near term, pending FCA regulatory approvals.
To date in 2022, Acrisure has completed or has under letter of intent 100 acquisitions, continuing its industry-leading M&A pace. 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 also 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.
“I look forward to welcoming the Russell Scanlan team to Acrisure,” said Mark McIlquham, president of Acrisure UK Retail. “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.”m
As is customary with Acrisure’s insurance Partner M&A strategy, the existing Russell Scanlan management team, led by managing director Bryan Banbury, Sales & 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.
“This new move for the business marks significant intent for its future, and one which we feel introduces huge benefits,” said Banbury. “Acrisure demonstrated detailed understanding of the Russell Scanlan brand and the reputation that it carries in the industry from our earliest discussions and now, the support that we have in place provides us with added strength and confidence to continue with growth and expansion plans, whilst remaining at every level, a business firmly focused on customer service.”
Acrisure has continued to expand globally in 2022, with operations now in over a dozen countries. The company recently closed $725 million in Series B-2 Preferred Equity and received a $23bn valuation, representing a 31% increase from its last preferred equity raise in March 2021.
Acrisure Trends(3 articles)
