The transaction will combine the global distribution capability of Acrisure with the experience of Tulco in deploying advanced AI
Acrisure acquires Tulco’s insurance business. (Credit: Tumisu from Pixabay.)
US-based insurance brokerage firm Acrisure has acquired artificial intelligence (AI) company Tulco’s insurance business in an all-stock deal for an undisclosed amount
Under the terms of the transaction, Tulco will become a minority shareholder in Acrisure, helping the company to enhance its data science, AI, and machine learning capabilities.
The transaction is said to combine the global distribution capability of Acrisure with the experience of Tulco in deploying advanced AI.
Acrisure co-founder, CEO and president Greg Williams said: “Businesses that succeed in the medium to long term must be nimble, data-rich and digitally oriented.
“The transaction with Thomas Tull and the Tulco team accelerates our ability to do all the above. We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned.
“Tulco’s world-class talent and ability to apply AI and intelligent automation is immeasurable as it relates to meeting the needs of our clients and transforming our company. We’re very pleased to be working with the entire Tulco team as we take this transformational step with like-minded entrepreneurs. I’m excited about what we will create together.”
The acquisition follows a partnership between Acrisure and Tulco
The acquisition follows a partnership between Acrisure and Tulco, which established Altway Insurance, an AI-powered brokerage focused on individual health benefits, in 2019.
Following the acquisition, Tulco chairman and CEO Thomas Tull will lead the new Acrisure Technology Group as chairman, and help the company transform as a data-rich and technology-enabled firm.
The new investment is expected to help Acrisure fully execute its AI capabilities for rapid product development, insurance sales and marketing across its portfolio of agency partners.
Tulco chairman and CEO Thomas Tull said: “A significant amount of capital has been deployed into insurtech, but we have a truly unique opportunity for scaled transformation as we layer AI into current processes.
“Partnering with Acrisure over the last year and implementing the tech has given me the confidence and excitement that we will do things that are highly impactful. I look forward to helping Greg build the most forward-leaning technology and advanced insurance brokerage in the world.”