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Acrisure buys Bermuda reinsurance broker

Acrisure buys Bermuda reinsurance broker

Acquisitive insurance brokerage Acrisure L.L.C. sealed its first deal outside North America with the purchase of Bermuda-based reinsurance brokerage Beach & Associates Ltd.

In a statement Wednesday, Beach said Caledonia, Michigan-based Acrisure, the 14th largest broker of U.S. business according to the latest Business Insurance ranking, purchased the firm from New York-based private equity firm Aquiline Capital Partners.

Terms of the deal were not disclosed. The purchase is expected to close in the first quarter, pending regulatory approvals, the statement said.

Beach will retain its name, identity and management, including CEO Grahame Millwater, and “will continue to operate as an independent advisory and transactional broking business within Acrisure,” the statement 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,” Gregory Williams, CEO of Acrisure, said in the statement.