Acrisure has entered into a definitive agreement to issue new convertible senior preferred stock in a US$2.1 billion capital raise, with the round led by Bain Capital.
The funds are expected to be used to refinance part of the company's existing non-convertible preferred stock, support strategic mergers and acquisitions, and further develop its technology-driven financial services platform.
According to the firm, the capital injection aligns with its broader strategy to position itself as a fintech solutions provider targeting small- and medium-sized enterprises in both domestic and international markets.
The financing round includes participation from Bain Capital Special Situations, Fidelity Management & Research Company, Apollo Funds, Gallatin Point Capital, BDT & MSD Partners, and additional investors. The company confirmed that no existing investors exited the deal. BDT & MSD remains Acrisure’s largest minority shareholder through affiliated funds.
Acrisure said it will continue to pursue targeted M&A to expand its footprint and offerings. The company plans to consolidate its platform, developed through approximately 900 acquisitions, while aiming to grow organically. Its current portfolio includes services in real estate, cybersecurity, payroll and payments, and retirement and wealth solutions.
The transaction values Acrisure at US$32 billion, representing an increase of nearly 40% from its last institutional capital raise three years ago. The company has recently added senior leadership as part of its growth plans, including the appointment of Mark Wassersug, former COO of Intercontinental Exchange, as chief technology officer, and Shawn Pelsinger, previously global head of corporate development at Palantir Technologies, as chief administrative officer.
Greg Williams (pictured above), Acrisure’s chairman, CEO and co-founder, described the transaction as a key development in the firm’s platform strategy.
“I see limitless potential for how far Acrisure can go, and we’re extremely grateful for the financial support and validation from our investors,” Williams said.
Meanwhile, this is just the latest in several significant investments in the insurance sector by Bain Capital. In April, Bain Capital agreed to sell UK-based insurer Esure to Belgian company Ageas for £1.3 billion. Esure, known for brands like Sheilas' Wheels and First Alternative, was acquired by Bain in 2018 for £1.2 billion.
Earlier this year, Bain Capital also invested US$825 million to acquire a 9.9% stake in Lincoln Financial Group. This strategic partnership includes a 10-year investment management agreement, with Bain initially overseeing US$1.4 billion of Lincoln's insurance assets, potentially scaling up to over US$20 billion within six years
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