Insurance company acquires broker
A local insurance company has acquired a global re-insurance broker.
Caledonia-based Acrisure said last week it acquired Beach & Associates from New York-based private-equity firm Aquiline Capital Partners and current and previous Beach management.
Terms of the deal were not disclosed.
Acrisure expects the transaction will close in the first quarter, pending regulatory approval.
Beach will retain its name and continue to operate as an independent advisory and transactional brokering business within Acrisure.
The existing Beach management team will remain following the transaction and become shareholders in Acrisure.
“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, Beach & Associates.
Gregory Williams, CEO of Acrisure, said Beach is its first acquisition outside North America.
“We were looking for a strong management team, international reach and significant re-insurance and insurance portfolio expertise,” Williams said. “In Beach, we have found all of that and more.”
Beach & Associates
Beach has 160 employees in several markets: London; Zurich; Hamilton, Bermuda; Toronto; Burlington, North Carolina; Chicago; and New York.
The company works with major insurance companies and insurance distribution to understand and achieve corporate risk management goals through the purchase of re-insurance and insurance portfolio solutions.
Acrisure is a retail consulting and insurance broker offering property and casualty, employee benefits, loss and claims management, surety bonding and personal lines solutions.
The company has 4,400 employees in more than 325 locations throughout North America, with about $1.2 billion in revenue.