A Grand Rapids-based fintech leader made a new acquisition in the U.K. market.
Acrisure this week said it is in the process of finalizing a deal to acquire Affinity Brokers Limited, a commercial insurance broker based in Glasgow, Scotland. According to Acrisure, the deal is expected to close officially in the near term pending FCA regulatory approvals; terms of the deal have not been disclosed.
The acquisition of Affinity marks the 11th partnership for Acrisure within the U.K. market. Mark McIlquham, president of Acrisure U.K. Retail, said the company is thrilled to welcome Affinity to the team.
“Affinity provides Acrisure with a commercial broking operation in Scotland to drive organic and inorganic growth using a unique, technology-based digital affinity capability,” McIlquham said.
Affinity was founded in 2010 by Scott Meechan and Yvonne McKnight and specializes in jewelry and jewelers block insurance. The business is divided into a commercial and corporate broker offering and a technology-enabled offering for point-of-sale and embedded insurance products across various sectors.
Going forward, Affinity will continue to operate under its brand and existing management team led by Meechan and McKnight. Both leaders affirmed the partnership choice as an ideal fit for both parties.
“The partnership offers significant benefits that will enhance our proposition for our team, existing clients and new clients,” Meechan said. “It will also allow us to extend our technology-enabled offering to a global audience.”
For Acrisure, the new deal is part of a growing strategy to expand in the U.K. market. Previously, the company announced its acquisitions of Sutton Winson and Sutton Specialist Risks (SSR) in October to mark 10 partnerships.
Acrisure said it expects to announce more new developments in the U.K. in the near future.