(Reuters] – Acrisure reported Tuesday that $725 million was raised in a second round of funding by Abu Dhabi Investment Authority. Its subsidiary, which is a wholly owned subsidiary, valued the insurance brokerage at $23 Billion.

According to Marsh broker, the company has been able to benefit from an increase in global commercial insurance premiums which rose on average 11% in the first quarter. Rates are also being impacted by the conflict in Ukraine.

Michigan-based business offers wealth, financial, and asset management services for its clients in insurance, real estate and reinsurance. Its revenue has increased from $38million to $3.5Billion in eight years.

According to Acrisure, the new funding will be used by Acrisure, which is supported by Oak Hill Advisors clients and Guggenheim Investments certain clients. This funding will allow Acrisure to raise brand awareness as well as invest in technological and human infrastructure. https://bwnews.pr/3z8yubK

The company was founded in 2005 and its value included debt at $17.5 million. In March of this year, it raised $3 billion. https://bwnews.pr/3GxAfRC

Chief Executive Officer Greg Williams with a consortium of minority investors bought Acrisure in a $2.9 billion deal from private equity firm Genstart Capital in November 2016. https://prn.to/38zXwFT