Acrisure plants flag in UK with Russell Scanlan buy

The broker stated that, as part of its M&A strategy, the existing Russell Scanlan management team, led by managing director Bryan Banbury, sales & marketing director Mike Dickinson, and director Simon Winiarski, will continue to run the business.

Additionally, the firm will continue to operate under the Russell Scanlan brand. Acrisure expects to make further announcements on new UK acquisitions and partnerships in the near future.

Russell Scanlan specialises in commercial insurance from large companies to SMEs, across multiple and specialist sectors and for private clients. The company, which was founded in 1881, is headquartered in Nottingham.

Culture

President of Acrisure UK retail, Mark McIlquham, commented: “I look forward to welcoming the Russell Scanlan team to Acrisure. We are excited to work together to continue to grow what has been a fantastic business since inception more than 140 years ago. We have enjoyed getting to know the management team and have been impressed by their dedication to their clients and their business. We are committed to preserving and adding to Russell Scanlan’s legacy, culture, values, and staff through the resources we can offer and our non-disruptive model.”

Banbury said: “This new move for the business marks significant intent for its future, and one which we feel introduces huge benefits,

“Acrisure demonstrated detailed understanding of the Russell Scanlan brand and the reputation that it carries in the industry from our earliest discussions and now, the support that we have in place provides us with added strength and confidence to continue with growth and expansion plans, whilst remaining at every level, a business firmly focused on customer service.”

Acrisure’s GWP prospects

US-headquartered Acrisure was valued at $23bn (£18.33bn) in its latest funding round at the end of May when it completed a $725m Series B raise.

McIlquham told Insurance Age, in January 2022, about the company’s expansion plans and revealed its target of $1bn in GWP within five years. He also claimed the business was set to disrupt the UK insurance broking market by offering a different proposition to the traditional consolidators.

Network

Former Broker Network boss Andy Fairchild joined Acrisure as an advisor, earlier this year. Fairchild stated that Acrisure had an expansive strategy and plan for the UK market. The appointment was part of a move to set up a network in the UK.

For all the latest industry news direct to your inbox, sign up for our daily newsletter.