Acrisure Continues UK Growth by Acquiring Sutton Winson and Sutton Specialist Risks

Acrisure, the Grand Rapids, Mich.-based insurance broker and fintech specialist, announced the acquisitions of Sutton Winson and Sutton Specialist Risks (SSR), in the UK.

The deals are expected to close in the near term, pending FCA regulatory approvals. Financial details of the transactions were not disclosed.

To date in 2022, Acrisure has completed or has under letter of intent more than 120 acquisitions. The company’s growing UK presence now spans 10 partnerships in total.

Founded in 1955 and headquartered in Twickenham, England, Sutton Winson is a commercial SME and specialist personal lines insurance broker and professional risk advisory business, with offices in Middlesex and West Sussex. The firm specializes in defined sectors and trades, offering bespoke insurance solutions and risk management services to clients across the UK and internationally.

It also has an Employee Benefits division offering schemes for company employees and a specialist Private Clients team providing a boutique offering to high-net-worth individuals.

SSR, a Bristol, England-based managing general agent, was formed in 1989 to provide niche expertise and wholesale insurance products to meet the needs of clients operating in the security and fire protection. From its inception, SSR has maintained an exclusive relationship with QBE Insurance Group. SSR continues to develop new products for emerging and established sectors, both with QBE and other providers, such as AXA XL Insurance Co. UK Ltd. and Aviva Insurance Ltd.

Sutton Winson and SSR will continue to operate under their brands as part of Acrisure.

The existing management teams will continue to run the businesses with the following additional leadership promotions:

• Gary Uren, who has been with SSR since its formation in 1989, will be taking over the managing director role from John Ludley. Ludley will remain with SSR as executive chair.
• Gareth Roberts, who joined Sutton Winson in 2018, will be taking over the managing director role from David Thomson. Thomson will remain with Sutton Winson as executive chair.

“Our independence has always been hugely important to us and that is why we have chosen to partner with Acrisure,” commented Ludley at SSR.

“Over the last two decades or more, we’ve had countless approaches from a vast range of potential acquirers. All past approaches were rebuffed as we’ve simply never encountered another business that would allow us to make ourselves even better than we already are. That was the case, until we met Acrisure,” he added.

“Our management teams and shareholders were very clear that most of the consolidators were never an option for us,” according to David Thomson at Sutton Winson.

“Acrisure’s model is the antithesis of the global brokers and consolidators; they are 73% management owned. This is a long-term business that was deliberately created to operate very differently. Businesses join Acrisure because of its culture and the opportunity to grow by leveraging its human and tech capabilities,” Thomson continued.

Acrisure expects to make further announcements of new UK acquisitions and partnerships in the near term. The Company recently closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation, representing a 31% increase from its last preferred equity raise in March 2021.

Source: Acrisure