US insurance broking group Acrisure has agreed to acquirr reinsurance brokers Beach & Associates for an undisclosed amount.
Beach's equity is being acquired from existing shareholders, which include New York-based private equity firm Aquiline Capital Partners.
It is the first acquisition of Acrisure outside North America.
The acquisition, which is subject to approval from regulatory authorities, is expected to be completed in the first quarter of this year.
Under the new ownership of Acrisure, Beach will retain its name, identity, its approach and will continue to operate as an independent advisory and transactional broking business within the company.
Acrisure will provide financial support to Beach and its clients.
Beach’s existing management team will remain the same and have elected to become the shareholders in Acrisure, after the transaction is completed.
Acrisure CEO Gregory Williams 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.”
Beach CEO Grahame Millwater stated that it is difficult to imagine a more suitable way for the company to transform from being a private equity ownership to become part of a large company such as Acrisure.
Millwater said: "The cultural fit is remarkable, our business ambitions are aligned and we have a deep regard for Acrisure’s management team and their strategy."
Image: Acrisure to acquire UK-based Beach & Associates. Photo: Courtesy of Philippe Ramakers/FreeImages.com.