Acrisure is under increasing scrutiny in the high-yield credit market as the insurance brokerage and fintech company restructures its workforce while carrying elevated leverage and debt trading near distressed levels.
The company, valued at $32 billion, plans to eliminate roughly 2,250 jobs, or about 11% of its global workforce, with most of the reductions expected in the United States. Acrisure has described the cuts as part of an effort to modernize its operations through artificial intelligence and automation rather than as a defensive response to financial stress.
Leverage remains a central concern
S&P Global Ratings revised Acrisure’s credit outlook from Stable to Negative in April 2026 after adjusted leverage reached 9.6 times at the end of 2025. The ratings agency expects leverage to improve gradually to between 8 and 9 times during 2026, although that level would still leave Acrisure with limited financial flexibility.
The company has been an active borrower in the high-yield bond market. Its outstanding debt includes $925 million of 8.25% senior notes due in 2029, issued in early 2024. Acrisure’s bonds have declined in price since the start of 2026 but remain above the level commonly associated with distressed debt, generally around 70 cents on the dollar or lower.
Guggenheim-linked loan nears distressed territory
Guggenheim Partners first invested in Acrisure during a 2022 funding round that valued the company at approximately $23 billion. Later financing rounds lifted Acrisure’s valuation to $32 billion by 2025.
A $1.18 billion loan connected to GIH Borrower LLC, a Guggenheim-linked entity, traded at approximately 72.5 to 73 cents on the dollar by August 2026. That price places the loan close to the market’s distressed threshold and highlights the credit risk associated with Guggenheim’s exposure to Acrisure.
Restructuring will test the company’s strategy
Acrisure co-founder and CEO Greg Williams has presented the workforce reduction as a forward-looking investment in automation and more efficient operations. The restructuring comes as insurance brokerage continues to consolidate, with private-equity-backed platforms such as Acrisure competing against publicly traded groups including Marsh McLennan and Aon.
For credit investors, the key measure will be whether the restructuring produces a sustained decline in leverage. Failure to reach S&P’s projected 8-to-9-times range for 2026 could increase the risk of a downgrade, putting further pressure on bond prices and raising Acrisure’s borrowing costs.
