Beach has hired former Integro executives John Sutton and Toby Humphreys to launch a new specialty and wholesale platform.
Humphreys and Sutton, who will both lead the new platform, previously held joint leadership roles at Integro UK for over a decade, with Humphreys serving as chairman and Sutton as president of international operations and both joining the firm through its 2005 acquisition of Humphreys Haggas Sutton & Co. (HHS). Both left Integro in March 2017 to pursue other opportunities.
They will be joined at Beach by fellow HHS founder and director Simon Haggas.
The trio will join Beach on 19 March 2018 and will report to Beach Specialty CEO Shane Doyle.
Commenting on the formation of the new platform, Beach CEO Grahame Millwater said the broker is “rapidly evolving” and is now committed to developing a London-based wholesale operation that will have a “broker insurance 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,” he said.
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.”
The news follows the announcement that Acrisure has completed its acquisition of Beach having obtained all necessary regulatory approvals, with the US retail broker now owning 100 percent of the company after buying out its existing shareholders which included private equity firm Aquiline and both current and former Beach management.
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, with the existing management team, led by Millwater, remaining in place following the transaction.
Furthermore, Millwater and the remainder of the Beach management team will become shareholders in Acrisure.