Acrisure, the Grand Rapids, Mich.-based global insurance broker, announced it has signed an agreement to acquire It’sSeg, the largest independent benefit management and insurance broking firm in Brazil.
The partnership with It’sSeg marks Acrisure’s entry into the Brazilian market and represents substantial expansion of its Latin American operations.
Terms of the transaction were not disclosed.
It’sSeg was founded in 2014 by Thomaz Menezes (former CEO of Marsh and SulAmérica Seguros) and the private equity firm Actis. It has over R$2.5 billion ($446 million) of premiums and counts over 1,000 corporate clients within its portfolio.
Following the transaction, Menezes will remain as CEO of It’sSeg. Several senior executives from the company will also remain shareholders.
The transaction with Acrisure involves all companies within the It’sSeg group, including:
- Barela: It’sSeg’s consultancy and brokerage arm that specializes in insurance broking for small companies and associations
- Gebram: The leading insurance distributor in inner-state São Paulo
- Você Clube: Benefits management
- B2P: Sick-leave management
- Oktuz: HR software
It’sSeg joins a global network of Acrisure Partners, which together offer an array of tech-driven financial services solutions in areas including insurance, reinsurance, asset management, real estate and cyber services.
Acrisure’s international expansion comes amidst a year that has already seen it announce new Asset Management and Real Estate Services divisions and surpass $3 billion in annual revenue. Acrisure has grown revenue from $38 million to more than $3 billion in just over eight years and has locations in eight countries.
“Brazil offers immense opportunities and is a market we’ve been focused on for a long time,” said Greg Williams, co-founder, CEO and president of Acrisure. “With Thomaz and the It’sSeg team, we’ve partnered with exceptional people who have built an exemplary business in a short period of time. We’re philosophically and fundamentally aligned as both Acrisure and It’sSeg value strong partnerships, innovative solutions and client centricity.”
“Partnering with Acrisure opens a range of possibilities to accelerate our growth in Brazil and Latin America,” said Menezes. “Through Acrisure’s innovative tech-driven approach, we will be able to diversify and expand the range of products we offer our clients.”
The transaction is expected to close within the next three months, subject to regulatory approval.
It’sSeg has become the largest consolidator in the Brazilian market of insurance brokers, acquiring 11 companies in seven years: Torres Benefícios, Raduan, Você Clube, Barela Seguros, PMR Seguros, MBS, LP Corretora, Bergus, Gebram, Victory and B2P.
Source: Acrisure
Topics Agencies New Markets
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