US retail broker Acrisure has sealed its acquisition of reinsurance intermediary Beach from Jeff Greenberg-run private equity house Aquiline, it was announced today.
In a short statement, Beach said Acrisure had secured regulatory approvals for the deal and now owned 100 percent of the company after buying out its existing shareholders - who include current and former management of the firm.
While the terms of the deal were not disclosed, Beach said: “All of the existing Beach management team will remain and have elected to become shareholders in Acrisure.”
The sale, first announced in January, sees Acrisure acquire Beach from Aquiline, which bought into the firm in 2014 when it said the broker’s then management would continue to hold around 15 percent of the broker.
Speaking immediately after the deal with Acrisure was announced, Beach CEO Grahame Millwater (pic) told re-Insurance.com that its new owner was looking to grow operations beyond its North American heartland.
The former Willis Group President said: “Acrisure will be looking at expanding their platform outside of the US and with our knowledge of the international markets we’ll be working with them closely on that.”
But the broker has insisted that it will retain its “name, identity and unique approach”, adding that it will continue to operate as an independent advisory and transactional broking business within Acrisure.