Acrisure expands technology platforms with acquisition of Appalachian Underwriters
By Edlyn Cardoza
Acrisure, a fast-growing FinTech leader that operates a top-10 global insurance broker, recently announced it acquired Appalachian Underwriters, a national Managing General Agency (MGA) and U.S. Administrator Claims, a Third-Party Administrator (TPA), in addition to affiliated entities.
Appalachian places more than $400 million gross written premium (GWP) into the insurance market with a model encompassing both an MGA and wholesale distribution. Appalachian’s core business divisions include Workers’ Compensation, Commercial Specialty, Personal Lines, and Transactional Wholesale. Among the largest independent MGAs, Appalachian’s custom programs and underwriting facilities are distributed nationally and are supported by domestic carriers and Lloyd’s of London.
“Appalachian presents a unique partnership opportunity,” said Greg Williams, Co-Founder, CEO and President of Acrisure. “With very few entities of its kind in existence, we’re excited about this deal and the acceleration it will provide both Acrisure and Appalachian. Further, this new Partnership will expand our technology platforms as we integrate data and systems with our artificial intelligence (AI) strategy. Of particular interest is the ability to access Appalachian’s deep and broad dataset including claims information as a tool to further model, underwrite and package Acrisure’s risk premium for distribution across multiple markets.”
Appalachian’s massive distribution network will complement Acrisure’s existing distribution model to further leverage and create opportunities. With investments in AI, machine learning and data analytics, Acrisure combines technology and the highest level of tech talent to transform the insurance value chain. The deal to acquire Appalachian follows Acrisure’s recent acquisition of the MGA and related operations of SUNZ Insurance.
“The Appalachian family of companies, now joined with Acrisure, creates a dynamic and transformative force in the market,” said Bob Arowood, President of Appalachian Underwriters. “Acrisure’s platform is the most robust and innovative in the financial services industry and we’ve admired how they’ve built such a successful organization with a strong and differentiated culture. I couldn’t be more excited about this opportunity.”
IBS Intelligence reported that Acrisure, a fast-growing FinTech leader, had announced that it has appointed Lowell Singer as Chief Financial Officer.
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