Acrisure Holdings Inc.

We view Acrisure's growth strategies favorably and they have been gaining traction through various company measurements, such as a very notable uptick in website traffic and name recognition reported in company surveys. Nevertheless, the company's organic revenue growth has hovered near the bottom of our rated broker portfolio, in large part stemming from a drag from its title operation that has been heavily affected by tough macroeconomic conditions in the real estate market. Management has indicated one of its top priorities is to reduce leverage, and in support of that, has reduced its pace of acquisitions and its willingness to pay above a certain cash multiple for most assets. All capital markets activity thus far in 2024 (refinancing activity in

...Acrisure is a leading middle-market insurance broker with innovative growth strategies in its marketplace. Through a combination of internal growth and acquisitions, the company has profitably expanded its competitive position across its key segments, primarily in the domestic U.S. insurance brokerage marketplace as well as an expanding international brokerage operation. The company is also increasingly edging into non-insurance brokerage adjacencies such as real estate services, cyber security, and payment processing. To further widen its market reach, Acrisure has correspondingly engaged in various notable branding initiatives in sports and entertainment (such as its naming rights of the Pittsburg Stealers stadium), and increased the use of tech-enabled lead generation tools (through Auris, its proprietary AI platform). We view Acrisure's growth strategies favorably and they have been gaining traction through various company measurements, such as a very notable uptick in website traffic...

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