A locally based insurance company acquired a Spanish brokerage that marks the entry into its 10th global market.
Grand Rapids-based Acrisure recently said it acquired Madrid-based Summa Insurance Brokerage.
Terms of the deal were not disclosed.
The acquisition of Summa is Acrisure’s first expansion into the Spanish market, bringing the number of countries in which the company has a physical presence to 10.
The move follows Acrisure’s October 2021 acquisition of Brazilian firm It’sSeg and adds another major European market to Acrisure’s existing operations on the continent, including Italy, the Netherlands, Switzerland and the United Kingdom.
Since its founding in 2005, Summa has grown revenues to over $13 million USD and expanded its offices and franchises throughout Spain. The deal brings Summa into Acrisure’s global network of partners providing tech-driven financial services solutions in areas including insurance, re-insurance, asset management, real estate and cyber services.
“Summa has an impressive track record displaying strong growth over the past several years while solidifying (its) position as a top insurance broker in Spain,” said Greg Williams, co-founder, president and CEO of Acrisure. “Summa’s exceptional team and (its) particular focus on training insurance experts with multidisciplinary skills makes for a strong combination as we continue our geographical expansion.”
Jose Antonio Vargas Gonzalez, Summa’s president and CEO, described the partnership with Acrisure as “immensely valuable” due to the firm’s “tech-driven approach and capabilities.”
“This will allow us to rapidly accelerate our growth in Spain and offer clients a robust suite of solutions,” Gonzalez said.
Jason Howard, president of Acrisure International, said the combination marries the “expertise of Summa in one of Europe’s key markets with the vast technological resources of Acrisure” and “brings a great opportunity for us to meet our common goals.”