Insurance broker Acrisure reaches a valuation of $23 billion after its latest financing.

The company benefited from a jump in global commercial insurance premiums which rose 11% on average in the first quarter, according to brokerage Marsh, as the war in Ukraine added pressure on rates.

The Michigan-based company, which provides clients with financial, cyber, as well as asset and wealth management services in insurance, reinsurance and real estate, saw its revenue grow from $38 million to $3.5 billion over the past eight years.

According to a release, Acrisure plans to use the latest funding, backed by select clients of Guggenheim Investments and Oak Hill Advisors, to build brand awareness and invest in people and technology infrastructure. https://bwnews.pr/3z8yubK.

Founded in 2005, the company was valued at $17.5 billion, including debt, in March this year when it raised $3 billion. https://bwnews.pr/3GxAfRC

Managing Director Greg Williams along with a consortium of minority investors bought Acrisure in a $2.9 billion deal from private equity firm Genstart Capital in November 2016. https://prn.to/38zXwFT

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