Beach announces acquisition by Acrisure, LLC
Beach & Associates (‘Beach’) announces that an agreement has been reached under which Acrisure, LLC (“Acrisure”) will acquire 100% of the Company’s equity from existing shareholders, which include Aquiline Capital Partners (“Aquiline”), a New York based private equity firm investing in financial services and financial technology, and current and previous Beach management. The agreement is subject to regulatory approvals and is anticipated to complete in the first quarter of 2018. Terms of the agreement are not disclosed.
Under new ownership Beach will retain its name, identity and unique approach and will continue to operate as an independent advisory and transactional broking business within Acrisure. The Company and its clients will additionally benefit from the powerful backing and strong financial support of Acrisure.
All of the existing Beach management team will remain following the transaction and have elected to become shareholders in Acrisure upon completion.
Grahame Millwater, Chief Executive Officer of Beach, said: “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, 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, said; “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.”
About Beach & Associates
Beach is the premier, independent (re)insurance broking and advisory firm. Beach has a reputation for innovative reinsurance placements for complex and technical books of business. Operating in London, Zurich, Bermuda, Toronto, Burlington NC, Chicago and New York, Beach works with major insurance companies and insurance distribution to understand and achieve corporate risk management goals through the purchase of reinsurance and insurance portfolio solutions. Beach have a global team of over 160 experienced and talented employees in seven offices dedicated to providing bespoke advisory, portfolio and (re)insurance solutions.
Based in Grand Rapids, Michigan, Acrisure is a leading retail consulting and insurance broker offering comprehensive property and casualty, employee benefits, loss and claims management, surety bonding and personal lines solutions. The company has over 325 locations throughout North America and has approximately $1.2 billion in revenue and 4,400 employees.