Aquiline Capital to sell Beach to PE-backed Acrisure

Beach & Associates Ltd, a Toronto-based specialty reinsurance intermediary, has agreed to be acquired by Acrisure LLC, a Caledonia, Michigan-based provider of insurance brokerage services. No financial terms were disclosed for the deal, which is expected to close in Q1 2018. The primary seller is U.S. private equity firm Aquiline Capital Partners, which acquired a majority stake in Beach in 2014. Beach will retain its name and continue to operate as an independent advisory and broking business within Acrisure. Acrisure closed a management-led buyout in 2016 in partnership with ABRY Partners, Genstar Capital and other investors.

PRESS RELEASE

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.”

Source: Beach & Associates Ltd

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