Acrisure, a fast-growing fintech leader that operates a top-10 global insurance broker, today announced its acquisition of Russell Scanlan, the distinguished 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.”
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 $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.