A large independent benefit management and insurance brokerage is now an Acrisure partner.
Downtown Grand Rapids-based Acrisure, a top 10 global insurance broker, said Wednesday, Oct. 20, it signed an agreement to acquire Sao Paulo, Brazil-based It’sSeg.
Terms of the deal were not disclosed.
The transaction is expected to close within the next three months, subject to regulatory approval.
The partnership with It’sSeg marks Acrisure’s entry into the Brazil market and represents an expansion of its Latin American operations. The expansion comes amid a year that saw Acrisure announce new asset management and real estate services divisions and surpass $3 billion in annual revenue.
Founded in 2014 by Thomaz Menezes and the private equity firm Actis, It’sSeg has over $444 million (USD) of premiums and counts over 1,000 corporate clients within its portfolio.
It’sSeg will join a global network of Acrisure partners that together offer an array of technology-driven financial services solutions in areas including insurance, reinsurance, asset management, real estate and cyber services.
“Brazil offers immense opportunities and is a market we’ve been focused on for a long time,” said Greg Williams, co-founder, CEO and president of Acrisure. “With Thomaz and the It’sSeg team, we’ve partnered with exceptional people who have built an exemplary business in a short period of time. We’re philosophically and fundamentally aligned, as both Acrisure and It’sSeg value strong partnerships, innovative solutions and client centricity.”
Following the transaction, Menezes will remain as CEO of It’sSeg. Several senior executives from the company also will remain shareholders. The transaction with Acrisure involves all companies within the It’sSeg group, including Barela, Gebram, Você Clube, B2P and Oktuz.
“Partnering with Acrisure opens a range of possibilities to accelerate our growth in Brazil and Latin America,” Menezes said. “Through Acrisure’s innovative, tech-driven approach, we will be able to diversify and expand the range of products we offer our clients.”