London-based broker Beach & Associates announced Acrisure LLC has agreed to acquire 100 percent of the company’s equity from existing shareholders.
These shareholders include Aquiline Capital Partners, a private equity firm led by Jeff Greenberg, as well as 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 were not disclosed.
Under new ownership, Beach will retain its name, identity and business strategy and will continue to operate as an independent advisory and transactional broking business within Acrisure, the Grand Rapids, Mich.-based retail consulting and insurance broker.
All of the existing Beach management team will remain following the transaction 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, chief executive officer 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,” he added. “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.”
“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, chief executive officer of Acrisure. “In Beach we have found all of that and more.”
“We have been delighted to have been associated with Beach over the past three years,” said Jeff Greenberg, chairman and chief executive officer of New York-headquartered Aquiline, which invests in financial servies and financial technology firms. “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.”
Source: Beach & Associates
Was this article valuable?
Here are more articles you may enjoy.