Independent (re)insurance broking and advisory firm, Beach & Associates, is set to transition from private equity ownership to become part of Acrisure, LLC.
The agreement, which remains subject to regulatory approvals, will see Acrisure acquire 100% of Beach’s equity from existing shareholders, which includes New York-based private equity firm Aquiline Capital Partners, and current and previous Beach management.
Terms of the arrangement have not been disclosed but the acquisition is anticipated to complete within the next few months. The existing Beach management team will remain following the transition and have elected to become shareholders in Acrisure upon completion.
“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.”
Under new ownership, Beach will keep its name, identity and business approach. It will continue to operate as an independent advisory and transactional broking business within Acrisure.
“For our first acquisition outside North America, we were looking for a strong management team, international reach and significant reinsurance and insurance portfolio expertise,” commented Gregory Williams, CEO of Acrisure. “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.”
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