Acrisure, the global insurance broker with a reinsurance operation in Bermuda, has appointed Grahame Millwater in the new role of head of global insurance.

The appointment is effective immediately.

The company said it is putting in place the operational and strategic elements to enable its expansion into a broader fintech financial services company.

As it aligns its core insurance broker business around Mr Millwater’s leadership, Acrisure said it is preparing to announce entry into additional business segments, following the recent announcement of a new asset management division.

Acrisure added it is poised to further diversify its portfolio in 2021 and beyond.

Greg Williams, co-founder, president and CEO of Acrisure, said: “This organisational alignment is the next clear step on Acrisure’s path to become a fintech financial services provider. This vision is inclusive of and goes beyond the success of our core insurance brokerage business.

“In eight short years, we’ve taken Acrisure from $38 million to more than $2.3 billion in revenue, fuelled by an entrepreneurial mindset and a no limits perspective. Our opportunity today is unlike any other.

“Since our 2020 acquisition of AI leader Tulco, LLC’s insurance practice, we’ve been executing a transformative tech-driven strategy enabling greater customer-centricity and innovation across a global distribution footprint.

“With advanced data and analytics fuelled by AI, we have identified unmet customer needs we are not presently serving.

“This strategy has already led to the announcement of a new asset management division and there will be others that follow.

“This next role for Grahame accelerates his impact on the business, including his leadership of our market relationships and the tech-enablement of our insurance portfolio.”

Mr Millwater most recently served as president of Acrisure International and Global Markets and joined Acrisure in 2018, following the acquisition of Beach & Associates, a global reinsurance intermediary that he led from 2013.

Late last year, Beach & Associates became Acrisure Re, fully representing Acrisure’s reinsurance broking and corporate risk advisory division.

Mr Millwater said: “I’m grateful to Greg and Acrisure’s global partner network for the trust placed in me for this opportunity.

“Together, we are creating the next generation distribution model, predicated on the best of human skills and capabilities, combined with the application of technology and AI.

“Beach joined Acrisure because of the unique model and potential of what Greg and the team were building. The opportunity has surpassed all our expectations, and I am excited to continue to play a key role in the further expansion of such an exciting and unique business.”

Prior to Beach & Associates, Mr Millwater served in several senior positions over a 27-year tenure with Willis Group. He was CEO of Willis Re from 2004, and then became president of Willis Group in 2008 with responsibility for all the global and international businesses outside North America.

As part of this announcement, Jason Howard, current CEO of Acrisure Re globally, assumes the role of president, Acrisure International and chairman of Acrisure Re.

Simon Hedley, current CEO of Acrisure Re North America, will become CEO of Acrisure Re globally, reporting to Mr Howard, subject to regulatory approval in the United Kingdom.

It was also recently announced that Mark McIlquham is joining Acrisure to drive the UK direct strategy.

Acrisure Re, the reinsurance division of global insurance broker and fintech services provider Acrisure, provides risk management solutions for complex and technical books of business.

Headquartered in London, Acrisure Re has operations in Amsterdam, Bermuda, Toronto, Zurich, Atlanta, Burlington NC, Minneapolis, New York, and Seattle.