Acrisure Hires John Tuttle from New York Stock Exchange

Acrisure LLC, a global insurance brokerage and financial technology firm, has named the vice chairman of the New York Stock Exchange to serve as president as the company continues to explore a public offering.

Grand Rapids-based Acrisure said in a statement Wednesday that it has hired John Tuttle as president, effective Sept. 1.

Tuttle, a Michigan native, will relocate to Grand Rapids and report to Acrisure co-founder, chairman and CEO Greg Williams.

He comes to this role after a 17-year career at the NYSE and its parent company, Intercontinental Exchange (NYSE: ICE), where he held various leadership positions, including chief operating officer and chief commercial officer. During that time, Tuttle also developed relationships with investors and executives whose companies are listed on the NYSE.

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A graduate of Milford High School and Eastern Michigan University, Tuttle reportedly considered leaving the New York Stock Exchange last year to run in the Republican primary for Michigan's vacant U.S. Senate seat.according to PoliticoPrior to his current role, Tuttle served at the U.S. State Department during the administration of President George W. Bush.

The president role is new for Acrisure, said Elliott Bundy, the company's chief communications officer.

This role is really about identifying the best fit for the company at that time, and John in particular, and thinking about how he can contribute to the existing leadership of the company, Bundy said.

Bundy added that there has been no change in Acrisure's intentions to eventually go public, although the company is not ready to state a specific timetable, he said.

Williams was not available for an interview but said in a statement that Tuttle's mastery of financial markets and his connections in the financial industry made him the ideal candidate.

“Johns’ experience on the global stage will complement our entrepreneurial team, and his work in the public and private sectors positions him as a strong advocate for our company and our customers as we continue to transform and grow,” Williams said in the release.

IPO imminent?

Tuttles' hiring follows Acrisures' selection two weeks ago Aaron Miller as its new CFO, a move that experts said at the time underscored the company's need for a financial leader with a new skill set as it plans to shift from growth through mergers and acquisitions to growth through IPOs.

Erik Gordon, an assistant professor at the University of Michigan's Stephen M. Ross School of Business who specializes in corporate governance, said in an email to Crains Grand Rapids Business on Wednesday that the second executive hire reinforces a growing sentiment among observers that an IPO is imminent.

(Tuttle) can guide them through an IPO, Gordon said of Tuttle's qualifications.

Alexander Calderone, chairman of Birmingham-based Calderone Hudson Group, which provides business valuation services, echoed that observation.

Combined with the retention of the new CFO, the announcement further suggests that an IPO could be imminent, Calderone said in an email Wednesday.

Gordon added that Acrisure's offering could soon follow two Michigan IPOs taking place this week: a Birmingham-based software company OneStream Inc.which began trading on the Nasdaq Stock Exchange on Wednesday, and the Novi-based temperature-controlled storage and logistics giant Lineage Inc.which is expected to debut on the Nasdaq on Thursday.

Acrisure said Tuttles' appointment underscores the company's commitment to attracting top talent and fostering a forward-thinking corporate culture.

With Tuttles joining the leadership team, the company is well positioned to capitalize on new opportunities and deliver exceptional results to its stakeholders, the company said in the statement.

Tuttle received a bachelor's degree from Eastern Michigan University and a master's degree in business administration from the University of Notre Dame.

At the New York Stock Exchange, he was involved in nearly every business area, including listings, capital markets and exchange-traded products. He helped manage the exchange's relationships with 2,400 issuers and more than 1,300 equity offerings, including IPOs and follow-on offerings, which raised more than $1.5 trillion, the statement said.

Most recently, Tuttle founded and chaired the NYSE Institute, the exchange platform that connects public policy and global commerce.

Tuttle was not available for an interview but said in a statement that he was excited to join Acrisure.

“This is a company that embodies growth, ambition and the relentless pursuit of excellence,” said Tuttle. “I look forward to working closely with Greg and the entire Acrisure team to drive further success and deliver unmatched value to its customers and partners.”

Founded in 2005 by Williams and Ricky Norris, Acrisure has grown rapidly in recent years, more than doubling its revenue since 2021 with a valuation approaching $27 billion by the end of 2023.

Williams said Acrisure, which reported revenue of $4.5 billion in 2023, is expected to reach $5 billion in revenue by the end of 2024. The company employs about 17,000 people in more than 21 countries.

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