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  • Beach announces acquisition by Acrisure, LLC

    Beach appoints Sutton and Humphreys to lead new specialty and wholesale platform

    Beach announced Monday [March 12] the formation of a new specialty and wholesale platform to be headed by former Integro leaders John Sutton and Toby Humphreys. Sutton and Humphreys will be joined by former fellow Humphreys Haggas Sutton and Company Ltd (“HHS”) partner Simon Haggas and will report to Beach Specialty CEO Shane Doyle.

    Humphreys and Sutton previously held joint leadership roles at Integro UK for over a decade, with Humphreys serving as Chairman and Sutton as President of Internal Operations. They joined Integro through Integro’s 2005 acquisition of HHS, of which they were founders and directors, alongside Simon Haggas.

    All three will join Beach on 19 March 2018.

    Announcing the new platform, Beach CEO Grahame Millwater commented: “Beach is evolving rapidly as we continue building a world class reinsurance and specialty platform. We are now committed to developing a London-based wholesale operation within Beach, which will have a broad insurance and specialty focus. We are delighted that John, Toby and Simon, a seasoned management team with a proven track record in building and expanding independent wholesale broker operations, will be joining us to lead this effort.”

    Sutton commented: “We have been flattered by a number of attractive options from broking firms and potential investors in the last year, but the opportunity presented by Beach is unique and impossible to pass up. Beach has a peerless reputation as a privately-owned broking and advisory firm and their ambitions to further evolve in our particular areas of expertise present a tremendous opportunity.”

    Humphreys added: “We are looking forward to joining Beach’s first-rate team. We will build a specialty and whole team with the same vigor and ethos for which Beach is known and which is based on placing clients and colleagues at the center of everything we do.”

  • Beach announces acquisition by Acrisure, LLC

    10 January 2018

    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.”