Acrisure has agreed to acquire UK reinsurance brokers Beach & Associates.
The agreement, which will see the US brokerage acquire 100 percent of Beach from the existing shareholders, is Acrisure’s first acquisition outside North America.
Beach will retain its name and will continue to operate as an independent advisory and transactional broking business within Acrisure.
The entirety of the Beach management team will remain after the transaction is completed, and have elected to become Acrisure shareholders upon completion.
Acrisure offers a range of insurance solutions including captives, property and casualty, personal lines and sureties.
The agreement is subject to regulatory approvals and expected to be completed in Q1 2018. Terms of the transaction were not disclosed.
Gregory Williams, CEO of Acrisure, commented: “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.”
Beach CEO Grahame Millwater added: “The cultural fit is remarkable, our business ambitions are aligned and we have a deep regard for Acrisure’s management team and their strategy.”