A Michigan-based insurance brokerage has acquired part of Tulco LLC, the Pittsburgh tech company founded by entertainment billionaire and entrepreneur Thomas Tull.
Tulco, an investment holding company, works to bring technology, like artificial intelligence and machine learning, to companies in large industries.
The business aims to "provide the tools for companies around the world to become 21st century industries," Mayor Bill Peduto told the Post-Gazette in January 2018 when Mr. Tull announced Tulco would be headquartered in the city.
Acrisure, the insurance brokerage based in Grand Rapids, announced Wednesday it had acquired Tulco's insurance practice in order to incorporate artificial intelligence capabilities into product development, insurance sales and market processes.
The transaction is valued at $400 million, according to a Bloomberg report.
Already, the two firms had formed a yearlong partnership in 2019 when they launched Altway Insurance, a fully AI-backed brokerage.
Acrisure is also forming a new technology group, which Mr. Tull will chair.
Mr. Tull, who used to consider Pittsburgh his "adoptive hometown" when he lived in Los Angeles, is the former CEO of Legendary Pictures. He is also a minority owner of the Pittsburgh Steelers and owner of Rivendale Farms in Washington County.
Lauren Rosenblatt: lrosenblatt@post-gazette.com, 412-263-1565.
First Published: July 29, 2020, 10:16 p.m.
