(Re)insurance broker Beach & Associates is to be acquired by US retail broker Acrisure, it has been announced.

The deal will see Acrisure acquire 100 percent of Beach’s equity from existing shareholders, which includes Jeff Greenberg’s private equity firm Aquiline Capital Partners and current and previous Beach management.

The financial terms of the transaction were not disclosed.

Under its 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, with the existing management team, led by group CEO Grahame Millwater, remaining in place following the transaction.

Furthermore, Millwater and the remainder of the Beach management team will become shareholders in Acrisure upon completion of the deal.

Aquiline acquired a majority stake in Beach toward the end of 2014, when it then said Beach’s senior partners would own approximately 15 percent of the company.

Commenting on the acquisition Millwater 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,” he added.

Acrisure CEO Gregory Williams added: “For our first acquisition outside North America, we were looking for a strong management team, international reach and significant reinsurance and insurance portfolio expertise.

“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.”

Meanwhile, Aquiline chairman and CEO Greenberg remarked: “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.”

The transaction is expected close in the first quarter of 2018, subject to regulatory approval.