Acrisure announced on Tuesday that it has secured $725 million in a new investment round headed by an Abu Dhabi Investment Authority wholly-owned subsidiary, valuing the insurance brokerage at $23 billion.
According to broker Marsh, the firm has profited from an 11% increase in worldwide commercial insurance premiums in the first quarter, with the crisis in Ukraine adding to the pressure on prices.
Insurance and reinsurance company Acrisure has raised $3 billion in a private equity round led by Guggenheim Investments and Oak Hill Advisors.
The Michigan-based company, which offers financial, cyber as well as asset, and wealth management services to its customers, was valued at $17.5 billion in March.
Chief Executive Officer Greg Williams with a consortium of minority investors bought the company in a $2.9 billion deal from private equity firm Genstart Capital in November 2016.