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.

Founded in 2005, the company was valued at $17.5 billion, including debt, in March this year when it raised $3 billion.

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.

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