Acrisure — the company that holds the naming rights to the Pittsburgh Steelers stadium on the North Shore — is set to cut 2,250 jobs due to AI advancements.
The Grand Rapids, Mich.-based fintech (financial technology) and insurance firm announced the reduction Wednesday, saying it will happen in phases between now and 2027, The Detroit News reported.
The layoffs will primarily impact employees based in the United States and will be about 11% of Acrisure’s total workforce.
Employees received a letter this week — in which Greg Williams, Acrisure’s co-founder and CEO, said AI advancements were why the company is restructuring its North American workforce.
He said those let go will receive comprehensive severance, extended benefits “for a period of time” and “dedicated outplacement support.”
“This decision affects colleagues who have contributed meaningfully to building Acrisure, and was not taken lightly,” Williams said in the letter, according to The Detroit News. “It was driven by how work must evolve as we build the company we need for the future.”
Acrisure is worth more than $30 billion, with annual revenues over $5 billion, according to The Detroit News. And the company is majority-owned by its employees — than 20,000 across the globe.
Alongside other donations, Acrisure has donated $7.5 million for the Heart Institute at the UPMC Children’s Hospital of Pittsburgh.