Acrisure, a global fintech firm with offices in Bermuda, has acquired veteran insurance brokerage Russell Scanlan.

The deal is expected to close soon, pending Financial Conduct Authority regulatory approvals.

“I look forward to welcoming the Russell Scanlan team to Acrisure,” Acrisure UK Retail president Mark McIlquham said.

“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.”

This year Acrisure has already completed or has under letter of intent 100 acquisitions, and has operations in more than 12 countries.

Founded in Nottingham, England in 1881, the company prides itself on a long history, and a strong professional pedigree built through advising on all forms of commercial insurance.

Russell Scanlan will now benefit from Acrisure’s global network of insurance peers as well as access to the company’s artificial intelligence systems and technology.

Russell Scanlan will continue to operate under its brand, while its managing director, Bryan Banbury, sales and marketing director Mike Dickinson and director Simon Winiarski remain in their positions.

“This new move for the business marks significant intent for its future, and one which we feel introduces huge benefits,” Mr Banbury said. “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, while remaining at every level, a business firmly focused on customer service.”

They recently closed $725 million in Series B-2 Preferred Equity and received a $23 billion valuation, representing a 31 per cent increase from its last preferred equity raise in March 2021.