Insurance and reinsurance brokerage, Beach & Associates has announced the acquisition of Atlanta-based Accident & Health (A&H) reinsurance broker, Risk and Insurance Consulting Services (RICS).
The acquisition sees RICS, which was established in 1997, become part of Beach Re Ltd. and the entity will operate as its A&H division, under the Beach brand, effective December 1st, 2019.
Following the completion of the deal, RICS Founder and Chief Executive Officer (CEO), Richard Ritchie, alongside Vice President, Jamie Brown and Program & Treaty Services Manager, Tammy Chambers, will all remain at the company.
This management team has extensive industry experience and has been serving the A&H insurance markets in the US for more than two decades.
Simon Hedley, President and CEO of Beach North America, commented: “Bringing Rick Ritchie and his well-respected team to Beach is an excellent opportunity for us to expand into the Accident and Health reinsurance arena. It also gives us a new level of expertise in the medical insurance world that will add significant value to the substantial Acrisure Employee Benefits operation.”
Ritchie added: “We are excited to be part of Beach and the wider Acrisure group, and look forward to developing the A&H division of Beach Re. For 22 years, RICS has prided itself on the level of individual service given to its MGU and insurance company partners.
“We offer reinsurance placement and administration services in the Accident and Health arena, from Medical Excess Reinsurance to Alternative Risk Programs and see multiple synergies and opportunities both within Beach and the wider Acrisure group.”
