Brokerage Acrisure LLC said on Wednesday that it had acquired artificial intelligence company Tulco LLC's insurance practices in a $ 400 million deal.
Pitco-based Tulco will become a "significant" minority shareholder as a result of the stock for the deal, Acrisure said in a statement.
The two companies previously formed Altway Insurance, a benefit broker that uses artificial intelligence technology.
Once the transaction is completed, Acrisure will use Tulco's knowledge of artificial intelligence throughout its operations, including its property / damage business, an Acrisure spokesman said in an email.
Thomas Tull, President and CEO of Tulco, will chair the newly created Acrisure Technology Group, the statement said.
Acrisure will use the Tulco capabilities for product development and insurance sales and marketing process, the statement said.
Acrisure, founded in 2005, has grown rapidly through hundreds of isitions in recent years. It is the 1