fbpx
Published in Finance
Acrisure bought the naming rights for the home stadium of the Pittsburgh Steelers. The venue formerly known as Heinz Field is seen here from across the Allegheny River at Point State Park in downtown Pittsburgh, Pa. (PHOTO: Joe Boomgaard) Acrisure bought the naming rights for the home stadium of the Pittsburgh Steelers. The venue formerly known as Heinz Field is seen here from across the Allegheny River at Point State Park in downtown Pittsburgh, Pa. (PHOTO: Joe Boomgaard)

Acrisure secures naming rights to home of Pittsburgh Steelers

BY Monday, July 11, 2022 04:23pm

Grand Rapids-based insurance broker and fintech Acrisure LLC signed a 15-year deal for the naming rights of the NFL Pittsburgh Steelers’ home stadium.

The deal for what’s now known as Acrisure Stadium is the second naming rights deal for Acrisure this year. The fast-growing company in January signed a 10-year sponsorship deal for a new sports and entertainment venue in Palm Springs, Calif. that will carry the name Acrisure Arena, as MiBiz previously reported.

“The Pittsburgh Steelers are an institution in American sports and a globally recognized brand. Partnering with the Steelers is the opportunity of a lifetime and a tremendous honor,” Acrisure co-founder, Chairman and CEO Greg Williams said in a statement the Pittsburgh Steelers issued today. 

“Through Acrisure Stadium, we will increase awareness of the extraordinary advantage Acrisure brings our clients while conveying our strong sense of community. Relatedly, we are eager to invest in the Pittsburgh community and broader region as we chart our course to an unforgettable first season,” Williams said. “This relationship truly embodies and aligns two organizations that have high standards and are determined to achieve great things.”

Terms of the agreement were undisclosed. 

Today’s announcement noted that the deal “includes community initiatives aimed at providing a deep connection for Acrisure in the Pittsburgh community and brand recognition both locally and nationally to support Acrisure’s growth.”

The naming rights for what had been known as Heinz Field since opening in 2001 is effective immediately with the upcoming 2022 NFL season.

“Acrisure provided us with an opportunity to ensure our stadium continues to be a valuable asset for our fans as well as keeping up with the market value of NFL stadiums. We are very appreciative to partner with Greg Williams and his company, and we look forward to a long, beneficial relationship for years to come,” Steelers President Art Rooney II said in a statement.

Through an aggressive acquisition strategy, Acrisure has grown rapidly to more than $3.8 billion in revenue from $38 million eight years ago and has expanded globally. The company today operates in 14 countries and has more than 14,000 employees.

Acrisure for years has been the largest buyer in North America is insurance agencies and closed more than 130 deals in 2021. Since 2018, Acrisure has closed on 443 acquisitions, including 14 in the first quarter of 2022, according to Optis Partners LLC, a Chicago firm that tracks M&A in the insurance brokerage industry.

Among the acquisitions was a $400 million all-stock deal in 2020 for the insurance business of Pittsburgh-based Tulco LLC, a provider of artificial intelligence and machine-learning technology. Previously, the two companies had formed Altway Insurance, an AI-backed insurance brokerage initially focused on individual health benefits.

“This is great partnership and will have a tremendous impact on both organizations as well as the greater Pittsburgh community,” Tulco founder Thomas Tull said in a statement to MiBiz. “The Steelers and Acrisure share the same core values of winning and excellence and I could not be prouder to be partnered with both.”

Acrisure in 2021 also partnered with NFL quarterback Russell Wilson of the Seattle Seahawks and Grammy-winning singer and songwriter Ciara on a joint venture called Evolution Advisors LLC. The company aims to increase access to insurance for minority-owned companies in the U.S. 

--
EDITOR’S NOTE: This story has been updated to include comment from Thomas Tull. 

Read 1729 times Last modified on Monday, 11 July 2022 16:59
SUBSCRIBE TO MIBIZ TODAY FOR WEST MICHIGAN’S FINEST BUSINESS NEWS REPORTING >