Acrisure Debt Slips as Guggenheim Links Pressure High-Yield Credit

Acrisure's bonds and loans fell after ties to Guggenheim weighed on the company's debt and dragged on high-yield credit markets, according to Bloomberg. The fintech and insurance broker had already said in late May it would cut 11% of its workforce, or about 2,250 people, as part of a broad overhaul to modernize operations. Some of its bonds and loans had declined, though they remained above levels typically considered distressed.