Beach Leadership Team
TAILORED (FLEXI-SUITE)
FACULTATIVE
ANALYTICS & ADVISORY
REINSURANCE OPTIMISATION
CAPITAL EFFICIENCY
CATASTROPHE MODELLING
Community and charities
Beach announces acquisition by Acrisure, LLC
Beach continues to expand its wholesale capabilities in London
Beach & Associates ("Beach" or "the Company") is pleased to announce two hires to its wholesale operation in London. Nick Fearon and Lee Bonnett have joined from Miller Insurance Services and Marsh respectively to help grow the Beach Wholesale and Delegated Authority teams. These appointments follow the arrival of Jonathan Tritton from Marsh in December 2018 and Theodora Backhouse from Ed Broking in February 2019.
Fearon, who jointly led the US Professional Liability team at Miller, will add significant experience to the wholesale team and will bring further expertise in the financial and professional lines space.
Bonnett, who was head of Facilities Placement for Marsh Specialty, will lead the Delegated Authority team as Beach continues to develop new products and markets for its expanding MGA, wholesale and retail distribution client base.
John Sutton, CEO of Wholesale at Beach, commented: "We are delighted to welcome Nick and Lee to our growing London operations; their experience and expertise will add further depth to our capabilities and our ability to offer increased service levels and innovation to our ever-growing client base. We are growing rapidly and our analytically powered platform and strong reinsurance capabilities are attractive both to clients and to broking talent. Our recent hires bring skillsets and vastly different backgrounds that will help grow both the Beach Wholesale and Delegated Authority teams; areas which are of enormous importance to the group. This is an exciting time for us and I am delighted with the quality and range of experience that we continue to attract to our London based team."
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 agreements 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 transform 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."
© Copyright 2020 Beach & Associates Limited all rights reserved.