GRAND RAPIDS—Officials at Acrisure LLC, a top 10 global insurance broker based in Grand Rapids, announced an agreement to acquire It’sSeg, the largest independent benefit management and insurance brokerage firm in Brazil.
Terms of the transaction were not disclosed.
The partnership with It’sSeg marks Acrisure’s entry into the Brazilian market and represents substantial expansion of its Latin American operations. This international expansion comes amidst a year that has already seen Acrisure announce new asset management and real estate services divisions and surpassed $3 billion in annual revenue.
Founded in 2014 by Thomaz Menezes and the private equity firm Actis, It’sSeg has more than 2.5 billion Brazilian Real ($450 million) of premiums, and counts over 1,000 corporate clients within its portfolio. It’sSeg joins a global network of Acrisure partners, which together offer an array of tech-driven financial services solutions in areas including insurance, re-insurance, asset management, real estate and cyber services.
“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.”
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
“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.
Acrisure provides insurance, asset management, real estate, and cyber services. The company has grown revenue from $38 million to more than $3 billion in just over eight years and has locations in eight countries. More at www.acrisure.com. More about It’sSeg at https://itssegcompany.com.br.