Acrisure, the fintech company that operates a top-10 global insurance broker, announced it had acquired CRK Commercial Insurance Services Ltd., the specialist commercial schemes provider.
Financial details of the deal, which is expected to close in early October, were not disclosed.
Established in 2000, CRK has grown into a highly successful broker in the manufacturing and engineering space under the leadership of its managing director, Darren Wills. CRK prides itself on having partnered with some of the largest insurers in the UK to establish exclusive insurance schemes with specialist covers and competitive rating structures to provide unique risk solutions for trades, with a focus on the manufacturing, engineering, rope access and HVAC industries.
Darren Wills and his management team will continue to operate CRK under the CRK brand as part of Acrisure UK Retail. The CRK team will benefit from Acrisure’s technology capabilities and global network of brokers and MGAs.
“I look forward to welcoming CRK to Acrisure,” said Mark McIlquham, president of Acrisure UK Retail. “We are excited to collaborate with CRK and Darren. CRK is a profoundly entrepreneurial and agile business with a fantastic client base. We were particularly attracted by the truly bespoke, unique schemes that the team have developed with their in-depth knowledge and understanding of specific trades and industries.”
“Once I had met Mark and the Acrisure team, it was quickly apparent that the Acrisure model was perfect for me and CRK,” commented Wills. “Acrisure allows me to carry on running the business I am passionate about and have built up since 2000 as well as enables me to grow and diversify. I look forward to making CRK even more successful as part of Acrisure.”
Grand Rapids, Mich.-based Acrisure said it expects to make further announcements of new UK acquisitions and partnerships in the near term. It has continued to expand globally in 2022, with operations now in 15 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.
Acrisure specializes in intelligence-driven financial services, providing a broad array of products including insurance, reinsurance, real estate services, cyber services, and asset & wealth management. The company has grown revenue from $38 million to more than $3.9 billion in just over eight years with locations throughout the world.
Source: Acrisure
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.