My book has “probably doubled” thanks to Acrisure | Insurance Business America Insurance News My book has “probably doubled” thanks to Acrisure
Why this insurance broker doesn't regret partnering
Insurance News
Jen Frost
In 2017, Florida insurance company Lassiter Ware partnered with Acrisure. Mike Shea (pictured), EVP of Acrisure and a former Lassiter Ware shareholder, has no regrets: He estimates that Acrisure's strong backing has nearly doubled his wealth.
Being a niche consultant with a focus on nonprofits, health care, construction and captives has helped the firm see an increase in bookings, but ultimately, “it's about providing more resources for our clients,” Hsieh said.
Acrisure, a self-described fintech company, has acquired more than 800 companies since it emerged on the scene in 2005. The company is now one of the world's largest brokers by revenue.
About Acrisure
Acrisure first came on the scene in 2005 and has since experienced rapid growth.
Revenue: Projected revenue of $4.3 billion in 2023 Employees: 17,000 in 21 countries and over 1,000 locations worldwide Premium: Approximately $32 billion annually in 2022 Headquarters: Michigan, USA.
Acrisure broker points out AI win
While the recent rebranding hasn’t changed Shea’s day-to-day work, the technology behind Acrisure has been a major benefit.
“From a technology standpoint, the Acrisure brand has helped me. An agency my size would probably be at a total disadvantage without those resources,” Shea says.
Take artificial intelligence (AI), for example, in which self-described fintech company Acrisure has been investing since 2019. From an AI adoption perspective, Acrisure brokers are likely “way ahead of their competitors,” Seah said.
Acrisure's AI platform, AURIS, was launched in 2020. The AI engine analyzes data to help build better products, find leads, and increase productivity.
For Seer, this all ties back to Acrisure CEO Greg Williams' “great vision” for the company – to become more than “an old-fashioned insurance broker,” in the words of its EVP.
“We're not only disrupting the insurance industry, but also real estate, title, mortgage origination and cyber,” Shea said. “We have our own cyber division, and we help our clients audit their technology platforms and look at correlations with insurance. That's very cutting edge.”
All of this is “helping us grow not only as an insurance broker but also as a fintech,” Seah said.
Is there light at the end of the tunnel for Florida property insurance?
For Shea’s Florida-based nonprofit and health care clients, property insurance remains the biggest topic and biggest coverage challenge.
In Florida, property insurance capacity has become tight in 2023 as insurers have withdrawn from the state and premiums have skyrocketed. Shea cited the example of one company whose wind insurance coverage dropped from $200 million to $5 million. In some cases, premiums have risen 30% and deductibles have tripled.
“As consultants, we've been trying to prepare our clients for that,” Seer said. “And sometimes that's hard. It's hard to get that message across when there's not much we can do.”
The good news for Mr. Seer's clients, and Florida commercial property insurance buyers more broadly, is that fortunately the headwinds are likely to ease this year.
“I don't think interest rates are going to fall by 50%, but interest rate increases are starting to slow and we have some key markets where we can compete with some of the larger players in the real estate market,” Seer said.
Reinsurance renewals on April 1 will provide more clarity on the P&C market outlook for the rest of the year, but the signs so far are good: If the market can avoid any major storm damage, clients could face a much better situation in 2025, Shea predicted.
“From what we've seen over the last few weeks from the people we've been working with, I think things are already looking up,” Seer said. “The good news is we're able to add capacity and create competition. I don't see rates being lowered anytime soon, but if this situation continues, [be a low-loss storm year] If this happens, 2025 could be a transformative year for the real estate market.”
What are your thoughts on Acrisure's growth and property insurance in Florida? How has partnering changed your business? Leave a comment below.
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