My book is under Acrisure | “probably doubled”. Insurance business America
Why this insurance broker doesn’t regret the partnership
Insurance News
By Jen Frost
Back in 2017, Florida-based insurance agency Lassiter Ware partnered with Acrisure. For Mike Shea (pictured), EVP of Acrisure and former Lassiter Ware shareholder, there were no regrets – and the producer estimates his book roughly doubled in size with Acrisure’s firepower behind it.
As a niche advisor focused on nonprofits, healthcare, construction and captives, book growth has helped, but ultimately, Shea says, “it comes down to providing more resources to our clients.”
Self-proclaimed fintech company Acrisure has acquired more than 800 companies since its entry in 2005. Today it is one of the largest brokers in the world in terms of revenue.
All about Acrisure
Acrisure has experienced meteoric growth since its release in 2005:
- Revenue: $4.3 billion pro forma 2023 revenue
- Number of employees: 17,000 employees in 21 countries with more than 1,000 locations worldwide
- Premium: Approximately $32 billion for 2022
- Headquarters: Michigan, USA.
Acrisure broker points to AI victories
The recent rebranding hasn’t changed Shea’s day-to-day life, but the technological firepower behind Acrisure has proven to be a boon.
“From a technology perspective, the Acrisure brand has helped – agencies my size would probably be at a complete disadvantage without these types of resources,” Shea said.
Take artificial intelligence (AI), which self-proclaimed fintech company Acrisure has been investing in since 2019. From an AI adoption perspective, Acrisure’s brokers are likely “way ahead of our competitors,” Shea said.
Acrisure’s AI platform, AURIS, was launched in 2020. The AI engine processes data to develop better products, discover leads and increase productivity.
For Shea, it all comes down to Acrisure CEO Greg Williams’ “great vision” of being more than (in the EVP’s words) “a stodgy insurance broker.”
“We are transformative not only in the insurance industry, but also in real estate, title, mortgage lending and cyber,” Shea said. “We have our own cyber department that helps our customers audit their technology platforms and match those insurances – that’s very cutting-edge.”
All of this “helps us grow not only as an insurance broker but also as a fintech,” Shea said.
Light at the end of the tunnel for property insurance in Florida?
For Shea’s Florida-based nonprofit and healthcare clients, property insurance continues to be the biggest topic of conversation and coverage challenge.
Florida felt a squeeze on property insurance capacity in 2023 as insurers moved away from the state and premium costs skyrocketed. Shea pointed to an example where a company’s wind protection coverage fell from $200 million to $5 million. In some cases, rates increased by 30% while deductibles tripled.
“As advisors, we’ve tried to prepare our clients for this,” Shea said. “Sometimes it’s hard – it’s hard to get that message across when we couldn’t actually do much.”
The good news for Shea’s customers and Florida commercial property insurance buyers in general is that the headwinds should ease this year, Touch Wood.
“I don’t think rates are going to go down 50%, but we are seeing those rate increases slowing down and there are some key markets in the property market that are competing with some of the larger players. Shea said.
Reinsurance renewals on April 1 will provide more insight into what to expect from property insurance markets for the remainder of the year, but so far the signs are positive. Customers could be in for a much better 2025 if the market weathers a major storm, Shea predicted.
“Based on what we’ve seen over the last few weeks with some of the people we’ve been working with, I think there’s already a turnaround,” Shea said. “I think there is good news that we will be able to build capacity and provide some competition and I don’t think tariffs will be reduced just yet, but if this continues [be a low-loss storm year] Then the year 2025 could be crucial for the real estate market.”
Do you have an opinion on Acrisure’s growth or property insurance in Florida? How has the partnership changed your company? Leave a comment below.
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2024-03-28 15:48:55
www.insurancebusinessmag.com
