Acrisure Acquires Tulco’s Artificial Intelligence Insurance Business World’s Fastest Growing Global Insurance Broker and Artificial Intelligence Leader Combine to Deploy Insurtech at Scale
Grand Rapids, MI and Pittsburgh, PA – July 29, 2020 – In a transformational move, Acrisure today announced that it has acquired artificial intelligence (AI) leader Tulco LLC’s insurance practice to bring best-in-class data science, AI, and machine learning capabilities to the insurance brokerage industry. This transaction enables true deployment of “insurtech at scale” as it combines the global distribution power of Acrisure, the fastest growing broker in insurance industry history, with the world-class, proven AI expertise of Tulco. The deal, which was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure was announced by Greg Williams, Co-Founder, CEO and President of Acrisure and Thomas Tull, Chairman and CEO of Tulco.
“Businesses that succeed in the medium to long term must be nimble, data-rich and digitally oriented,” said Williams. “The transaction with Thomas Tull and the Tulco team accelerates our ability to do all the above.”
The announcement builds on a successful year-long partnership between Acrisure and Tulco. In 2019, the two firms formed Altway Insurance, a fully-AI backed brokerage focused initially on individual health benefits. Since its launch, Altway has seen rapid success with 24 consecutive weeks of 10% or greater week-over-week growth.
Continued Williams: “We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned. Tulco’s world-class talent and ability to apply AI and intelligent automation is immeasurable as it relates to meeting the needs of our clients and transforming our company. We’re very pleased to be working with the entire Tulco team as we take this transformational step with like-minded entrepreneurs. I’m excited about what we will create together.”
At Acrisure, Mr. Tull will be actively involved in the strategic direction of the company as the Chairman of the new “Acrisure Technology Group” and will assist in attracting and retaining other key talent as the company further transforms into the insurance brokerage industry’s leading data-rich and technology-enabled company.
“A significant amount of capital has been deployed into insurtech, but we have a truly unique opportunity for scaled transformation as we layer AI into current processes,” said Tull. “Partnering with Acrisure over the last year and implementing the tech has given me the confidence and excitement that we will do things that are highly impactful. I look forward to helping Greg build the most forward leaning technology and advanced insurance brokerage in the world.”
Existing Tulco board members Jim Breyer (Founder & CEO, Breyer Capital), A.G. Lafley (former Chairman, CEO & President, Procter & Gamble) and Anthony Foxx (Chief Policy Officer, Lyft and former U.S. Transportation Secretary under President Obama), will serve as advisors to Acrisure. Other key leaders include Brendan McCord who will become President of the Acrisure Technology Group and Marty Willhite who will serve as a strategic advisor.
“The insurance sector is ripe for transformation and combining Tulco’s market-proven AI and data science products with Acrisure will deliver insurtech at scale,” said Breyer. “Thomas has a keen ability to fuse forward-thinking, entrepreneurial ideas with commercially-driven businesses. Combining this capability with Greg and the Acrisure team creates an opportunity to influence and shape an important and significant marketplace.”
With the new technology infrastructure, Acrisure will fully harness AI capabilities to rapidly innovate the product development and insurance sales and marketing process across its portfolio of Agency Partners, a global network of commercial property and casualty, life and employee benefits brokerages. From $650 million in annual revenue in 2017 to more than $2 billion today, Acrisure has seen record growth, completing over 500 acquisitions the past several years. Now a top 10 global broker, Acrisure is majority-owned by employees and has locations across six countries.
Acrisure has previously invested in robust data sets and internal analytics to better understand the risk needs of its clients and to accelerate the organic growth of the company. The infusion of Tulco AI into the Acrisure network will accelerate sales development and risk intelligence across the entire portfolio, which is heavily focused on the U.S. small and medium commercial market.
About Acrisure
As one of the world’s top 10 insurance brokerages and the fastest growing in the world, Acrisure provides a broad array of insurance-related solutions, including commercial property and casualty, personal lines and employee benefits through its global network of Agency Partners. The company has over $2 billion in revenue and is 85% employee-owned. The Agency Partners have significant local autonomy which keeps product and service decisions at the customer level. Acrisure is driven by the pursuit of limitless growth through exceptional partnerships. Find out more at www.www.acrisure.com.
About Tulco Holdings
Tulco, LLC, based in Pittsburgh, is an alternative investing platform, structured as a holding company that was established to disrupt large sectors of the economy. Founded by prominent entrepreneur and investor Thomas Tull, Tulco uses a partnership model between its subsidiaries and Tulco’s in-house AI lab to unlock significant value. In combining permanent capital, management expertise, and top AI resources, Tulco helps its subsidiaries achieve scalable high growth trajectories within industries currently underserved by leading-edge technologies.
###
For Media Inquiries:
Acrisure: Elliott Bundy, [email protected], (347) 561-0276
Tulco: Melissa Zukerman, [email protected], (323) 658-1555
Important Information:
For additional information, please visit our website at Acrisure.com. Products or services identified herein may not be available in all jurisdictions. The information and descriptions contained herein (a) are not necessarily intended to be complete descriptions of all applicable terms, conditions, and exclusions of the policies referenced, (b) are provided solely for general informational purposes, and (c) should not be viewed as a substitute for legal, regulatory, or other advice on any particular issue or for any particular reason. The advice of a professional should always be obtained before purchasing any insurance product or service, and you should not rely on the information provided herein for the prevention or mitigation of risks or as a full and complete explanation of coverage under any insurance policy. While the information contained herein has been compiled from sources believed to be reliable, no warranty, guarantee, or representation, either expressed or implied, is made as to the correctness or sufficiency of any representation contained herein.
Related Content
January 13, 2021
5 Steps for Year-Round Benefits Engagement
Open enrollment is something you probably only think about a few times a year. For employees, it might be even less often. And that’s unfortunate because that means employees may not be maximizing their benefits. That’s why it’s important to touch on benefits throughout the year—to ensure employees are making the most of them.
January 4, 2021
New COVID-19 Relief Bill: Highlights for Employers
On December 27, 2020, President Trump signed into law the much-anticipated COVID-19 relief bill (the “Bill”), which was approved by Congress a week earlier. The Bill, a follow-up to the March 2020 CARES Act, provides a second round of stimulus dollars and economic relief measures; it also contains several provisions of particular importance to employers.
December 23, 2020
What We Know So Far: Understanding the $900B Stimulus Package
On Monday, Dec. 21, 2020, Congress passed an emergency stimulus package designed to deliver approximately $900 billion in COVID-19-related aid. The bill, which was part of a $1.4 trillion spending package that will keep the government open for the fiscal year, has been sent to President Donald Trump, and he is expected to sign it into law.
December 8, 2020
Acrisure Unveils New Tech-Enabled Brand
Acrisure, one of the world’s top-10 insurance brokers, today unveiled its new brand identity which underlines its unique combination of financial strength, industry expertise and global distribution power with the integration and deployment of best-in-class artificial intelligence and technology.
December 2, 2020
Benefits Update: December 2020
The Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that imposes new transparency requirements on group health plans and health insurers in the individual and group markets.
November 19, 2020
Study Finds That Workers’ Compensation Mega Claims Are on the Rise
While any workers’ compensation claims can result in costly ramifications for your organization, one category of claim in particular—known as a “mega claim”—has the potential to carry significant consequences.
November 11, 2020
Coverage of COVID-19 Vaccines: Agencies Issue Interim Final Regulations
As part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law in March 2020, most group health plans are required to provide no-cost coverage for COVID-19 preventive services, including vaccinations.
November 3, 2020
Acrisure Perspective: 6+ Million Households & Property Owners Could Be Underestimating Their Flood Risk
According to the insurance professionals at Acrisure’s Agency Partners, we believe that this disparity points to a worrisome trend: more than 6 million households and property owners could be underestimating or unaware of the extent of their flood risks.
October 27, 2020
Success Tips: Performance Reviews With Remote Employees
Performance reviews are traditionally conducted in-person, on a recurring basis. But, amid the COVID-19 pandemic, most businesses have at least some employees working remotely.
October 21, 2020
Staying Connected in the Time of COVID-19
The need for social distancing has put a pause on normal socializing activities, like family get-togethers, restaurant outings and music concerts. As the pandemic continues, social distancing doesn’t need to mean social isolation.