Acrisure

active

Insurance — KKR / Others

Deal Terms

Entry Year2021

Entry EV$23B

Entry Multiple13x

Leverage7x

Debt Amount$8.5B

Outcome

PIK ActiveYES

Risk Metrics

LTV (est.)37%

Debt / EV0.37x

Notes

Fastest-growing insurance broker in history — $23B valuation via PE backing (KKR, etc.). 1,000+ agencies acquired. $8.5B debt. PIK debt. 7x leverage. Moody's Caa1 rating. IPO repeatedly delayed. Insurance brokerage bubble: PE firms chasing recurring commission revenue with unsustainable leverage.

Sponsor

KKR & Co.$638B AUM