Fast-growing insurance broker Acrisure LLC named D. Michael Sherman as president.
A 40-year industry veteran, Sherman joined the Caledonia-based Acrisure in January as a strategic advisor. His promotion to president splits the duties held by Acrisure founder Greg Williams, who now will retain CEO duties and focus on overall oversight. Sherman reports directly to Williams.
“This is an appropriate time to create a separate position of president, and Mike is extremely qualified to assume this role,” Williams said. “He will continue to apply his vast operations and leadership experience as we further build Acrisure into the preferred provider of insurance solutions. Mike will also assist us as we continue to identify strategic acquisitions around the globe.”
Acrisure has 123 locations in 29 states in the U.S. and employs about 3,300 people.
The agency has grown rapidly in recent years as the top acquirer of insurance brokers in the U.S. and Canada as the industry consolidates.
In a quarterly report on M&A activity in the industry, Chicago-based Optis Partners LLC lists Acrisure as closing 29 deals in the first quarter, the most in the U.S. and Canada. Acrisure led acquisitions in 2016 with 63 deals closed, and in 2015 with 56 deals.
Optis Partners overall counted 178 transactions in the U.S. and Canada in the first quarter, well ahead of the 115 in the same period of 2016.
“By all measures, 2017 will likely be another banner year for M&A,” Optis Partners said in the quarterly report.