Reinsurance brokerage Beach & Associates is to be acquired by U.S. retail consulting and insurance broking group Acrisure, LLC, who will acquire 100% of Beach’s equity from existing shareholders, including private equity specialists Aquiline Capital Partners.
Beach will retain its name, identity and approach under the new ownership, operating as an independent reinsurance advisory and transactional broking business within the Acrisure group.
The existing Beach management team are set to stay with Beach following its acquisition and are set to become shareholders in Acrisure once the deal is closed.
Grahame Millwater, Chief Executive Officer of Beach, commented, “It is difficult to imagine a more suitable way for us to transition from private equity ownership than to become part of such an extraordinary business as Acrisure. The cultural fit is remarkable, our business ambitions are aligned and we have a deep regard for Acrisure’s management team and their strategy. This transaction gives both us, and our clients, long term clarity and we are excited about being afforded the support to pursue ambitious growth plans. Aquiline has been a deeply supportive investor and we are grateful for their contribution to our success so far.”
Gregory Williams, Chief Executive Officer of Acrisure, also said, “For our first acquisition outside North America, we were looking for a strong management team, international reach and significant reinsurance and insurance portfolio expertise. In Beach we have found all of that and more. We look forward with real enthusiasm to both supporting Beach’s growth and to partnering with a world-class executive team as we grow our collective business.”
Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline, added, “We have been delighted to have been associated with Beach over the past 3 years. Grahame and the team are first rate insurance and reinsurance professionals, and they have found an ideal solution for their next stage of development in a future partnership with Acrisure. We wish them all the best for the future.”
The acquisition is expected to complete in the first quarter of 2018 once regulatory approvals are received.