Top insurance brokers, No. 10: Acrisure

2025 brokerage revenue: $3.75B
Percent increase: 3.4%

Acrisure experienced a year of consolidation, modest growth and technological investment in 2025. As mid-2026 approached, it declared AI-driven layoffs and faced an outlook revision from ratings agency S&P.

Acrisure CEO Greg Williams touted 5.1% organic revenue growth for 2025 and a 32.7% margin. Most of the growth came from the insurance side of the business, but he predicted more would be coming from Acrisure’s business services, which he said now accounts for 18% of the company’s revenues.

“Increasingly, it’s a platform. It’s got an expanded product and service offering that is going to continue to expand,” he said.

With $3.75 billion in 2025 brokerage revenue, a 3.4% increase from restated 2024 revenue, Acrisure moved down two places in Business Insurance’s ranking of the world’s largest brokers to No. 10. The company reported gross revenue, which includes its business services revenue, of $4.82 billion, a 5.2% increase over the prior year. About 10% of its brokerage revenue relates to personal lines.

Acrisure last year bought Global Payments’ Heartland Payroll Services for $1.1 billion, expanding its offerings into payroll and human capital management. In the past few years, it has made a blizzard of acquisitions towards its goal of being a one-stop shop for the business needs of its small and mid-market clients. It now offers services including benefits, cybersecurity and managed information technology. Since its founding in 2005, Acrisure has made about 1,000 acquisitions, it says.

“Acrisure ran the tables on M&A in the beginning of this supercycle,” acquiring aggressively when interest rates were low and then focusing on integration when they increased, said John Wepler, CEO of insurance consultant MarshBerry, based in Cleveland, Ohio. Today the company is both decentralized and well diversified, leaving it “really well-positioned,” he said.

Mr. Wepler pointed to Acrisure’s customer base of small and midmarket clients, its advisory-led solutions, its international footprint and accumulation of “rolled equity” from partners from acquired firms as signs of diversification. Non-U.S. operations account for about 17% of revenue.

In May, Acrisure announced layoffs of about 11% of its workforce through next year, or 2,250 employees, citing a reduction in manual work due to AI.

In a letter announcing the layoffs, Mr. Williams said, “We have seen client-oriented work that took days or weeks reduced to minutes.” Acrisure had announced a smaller AI-driven reduction of 400 people in October.

Beyond work automation, Mr. Williams said the company’s AI platform is using predictive modeling to help with cross-selling. Mr. Williams hired Ben Funk from data and software company Palantir in October. Mr. Funk will serve as Acrisure’s chief technology and AI officer.

Meanwhile, Acrisure may be hitting some bumps in the road in its integration process. In April, credit ratings agency S&P Global revised Acrisure’s outlook from stable to negative, while affirming its B rating. In a report, S&P analyst Julie Herman pointed to higher leverage “largely driven by narrower margins.”

S&P said Acrisure’s margins before earnings, interest, taxes, depreciation and amortization declined about 6 percentage points in 2025, to 21%, putting its margins “among the lowest among our rated insurance brokers.” S&P’s standardized, more conservative criteria for determining margins leaves them much lower than Acrisure’s 32.7% estimate.

Ms. Herman said client retention had suffered in Acrisure’s North American retail business. The unit, Acrisure’s largest by revenue, is still undergoing integration. “Overall, we continue to view Acrisure’s growth and operational strategies favorably and believe they have the potential to boost its competitive positioning, organic growth, and margin profile over time,” Ms. Herman wrote.

Mr. Williams acknowledged that the company’s investments in acquisitions, integration and technology had affected leverage and margins. “It takes a while for the productivity gains and efficiencies to get wrung out, so to speak. But that’s all happening as we speak, and it’s literally on plan.”

Acrisure’s pace of acquisitions has slowed markedly, and Mr. Williams said the company was more focused on reducing debt as it considers whether to go public. But he said the company was not closing the door on further acquisitions. “If we find something opportunistic, we’ll do it.”