(Reuters) – Acrisure said on Tuesday that it has raised $ 725 million in a new round of financing led by a wholly owned subsidiary of the Abu Dhabi Investment Authority, which values the insurance broker at $ 23 billion.
The company has benefited from a jump in global commercial insurance premiums that rose by an average of 11% in the first quarter, according to broker Marsh, with the war in Ukraine exacerbating the pressure on prices.
The Grand Rapids, Michigan-based company has increased its revenue to $ 3.5 billion from $ 38 million over the past eight years.
Acrisure plans to use the latest funding, with the support of some clients of Guggenheim Investments and Oak Hill Advisors, to increase brand awareness and invest in human and technical infrastructure, according to a statement.
The company was founded in 2005 and was valued at $ 17.5 billion, including liabilities, in March this year when it raised $ 3 billion.
CEO Greg Williams with a consortium of minority investors bought Acrisure in a $ 2.9 billion deal from private equity firm Genstart Capital in November 2016.