Acrisure to acquire re/insurance intermediary Beach
Acrisure, an insurance broker which has agency partners that offer insight and guidance for prospective captive owners, has reached an agreement to acquire 100 percent of re/insurance intermediary Beach & Associates’ equity from existing shareholders.
The shareholders include New York-based private equity firm Aquiline Capital Partners, along with current and previous Beach management.
The deal is expected to complete in the first quarter of 2018, subject to regulatory approvals.
“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," said Grahame Millwater, CEO of Beach.
"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.”
Beach operates in London, Zurich, Bermuda, Toronto, Burlington NC, Chicago and New York. The existing Beach management team will remain following the transaction and have elected to become shareholders in Acrisure upon completion.
Gregory Williams, CEO of Acrisure, added: “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 CEO of Aquiline, commented; “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.”
