October 26, 2022
Acrisure, a fintech leader that operates a top-10 global insurance broker, today announced its acquisitions of Sutton Winson and Sutton Specialist Risks (SSR). The deals are expected to close in the near term, pending FCA regulatory approvals.
To date in 2022, Acrisure has completed or has under letter of intent more than 120 acquisitions. The Company's growing UK presence now spans ten partnerships in total - Sutton Winson and SSR join an already impressive list of acquisitions.
"When I joined Acrisure in 2021, we compiled a list of respected, high-quality independent brokers and MGAs that we would love the opportunity to partner with - the Sutton Group was right at the top of this list," said Mark McIlquham, President of Acrisure UK Retail. "We are deeply impressed by their cultures, brands and capabilities, putting customers and staff at the centre of all they do. Together with Acrisure, we're eager to add to the legacy, culture, values, and career opportunities for the staff at Sutton Winson and SSR."
Sutton Winson and Sutton Specialist Risks: Capabilities & History
Founded in 1955, Sutton Winson is a commercial SME and specialist personal lines insurance broker and professional risk advisory business, with offices in Middlesex and West Sussex. The firm specialises in defined sectors and trades, offering bespoke insurance solutions and Risk Management services to clients across the UK and internationally. It also has an Employee Benefits division offering schemes for company employees and a specialist Private Clients team providing a boutique offering to high-net-worth individuals. Since 1998, Sutton Winson has held Investors in People and currently holds "Gold" accreditation. This year, Sutton Winson also attained "Investor in Customer Gold" accreditation.
SSR was formed in 1989 to provide niche expertise and wholesale insurance products to meet the needs of clients operating in the security and fire protection. From its inception, SSR has maintained an exclusive relationship with QBE Insurance Group, which has enabled SSR to consistently meet the needs of high-risk industries. SSR continues to develop new products for emerging and established sectors, both with QBE and other providers, such as AXA XL Insurance Company UK Limited and Aviva Insurance Ltd.
Sutton Winson and SSR will continue to operate under their brands as part of Acrisure. The existing management teams will continue to run the businesses with the following additional leadership promotions:
- Gary Uren, who has been with SSR since its formation in 1989, will be taking over the Managing Director role from John Ludley. John will be remaining with SSR as Executive Chair.
- Gareth Roberts, who joined Sutton Winson in 2018, will be taking over the Managing Director role from David Thomson. David will be remaining with Sutton Winson as Executive Chair.
Going forward, the Sutton Winson and SSR businesses will benefit from Acrisure's technology capabilities, capital for M&A and global network of brokers and MGAs.
Commented John Ludley, SSR: "Our independence has always been hugely important to us and that is why we have chosen to partner with Acrisure. Over the last two decades or more, we've had countless approaches from a vast range of potential acquirers. All past approaches were rebuffed as we've simply never encountered another business that would allow us to make ourselves even better than we already are. That was the case, until we met Acrisure."
Said David Thomson, Sutton Winson: "Our management teams and shareholders were very clear that most of the consolidators were never an option for us. Acrisure's model is the antithesis of the global brokers and consolidators; they are 73% management owned. This is a long-term business that was deliberately created to operate very differently. Businesses join Acrisure because of its culture and the opportunity to grow by leveraging its human and tech capabilities."
Acrisure expects to make further announcements of new UK acquisitions and partnerships in the near term. 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 nearly $4 billion in just over nine years with locations throughout the world. Acrisure is the intelligence-driven financial services distribution platform of the future. Find out more at www.acrisure.com.
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.
© Acrisure, LLC. All rights reserved.