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. 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. 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. 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.