Financial services distribution firm Acrisure has acquired Appalachian Underwriters, a national managing general agency and third-party administrator, along with its affiliated entities.
Oak Ridge, Tennessee-headquartered Appalachian places more than $400 million gross written premium into the insurance market through its MGA and wholesale distribution channels. Core business divisions of Appalachian include workers’ compensation, commercial specialty, personal lines and transactional wholesale.
Terms of the transaction were not disclosed.
Appalachian’s programs and underwriting facilities are distributed on a national basis 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. He said the partnership will expand his firm’s technology platforms as it integrates data and systems with its artificial intelligence strategy. He cited Appalachian’s dataset including claims information as a tool to further model, underwrite and package Acrisure’s risk premium for distribution across multiple markets.
The deal to acquire Appalachian follows Acrisure’s recent acquisition of the MGA and related operations of SUNZ Insurance.
Acrisure’s products include insurance, asset management, real estate services and cyber services. The company boasts revenues of more than $3 billion and has locations in nine countries.
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