Acrisure, the rapidly growing fintech firm that recently closed a £575 million funding round has today revealed its acquisition of the bespoke insurance brokerage and risk manager Russell Scanlan. The deal, which is pending FCA regulatory approvals, is expected to close in the near future.
It’s the latest in a long line of transactions completed by the insurance group which has completed or sent letters of intent regarding 100 acquisitions in 2022 alone.
In a Press release, Acrisure noted that Russell Scanlan, which was established in Nottingham in 1881, is well regarded for its strong professional pedigree formed from 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, Russell Scanlan’s team will now be able to avail of the fintech’s global network of insurance peers and access its world-class AI systems and technology.
Commenting on the deal, Mark McIlquham, president of Acrisure UK Retail, said he looks forward to welcoming the Russell Scanlan team to the business and that Acrisure is excited to work with them as the business continues to grow after over 140 years in operation.
“We have enjoyed getting to know the management team and have been impressed by their dedication to their clients and their business,” he said. “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 per Acrisure’s insurance partner M&A strategy, the existing Russell Scanlan management team, led by MD Bryan Banbury, sales & marketing director Mike Dickinson, and director Simon Winiarski, will continue to run the business. The firm will also continue to operate under the Russell Scanlan brand.
“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, while remaining, at every level, a business firmly focused on customer service.”
Acrisure noted that it expects to make further announcements of new UK acquisitions and partnerships in the near term. The global fintech has continued to expand globally in 2022, with operations now in over a dozen countries.