Bermudian-based reinsurance broker Beach & Associates Ltd has been bought out by Acrisure LLC.

In a statement, Beach said the Michigan-based Acrisure bought 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’s office is on the fourth floor of The Roger Davidson Building on Reid Street, Hamilton. It also has offices in the US, UK, Canada and Switzerland.

Beach will retain its name, identity and management, including London-based chief executive officer Grahame Millwater, and “will continue to operate as an independent advisory and transactional broking business within Acrisure”.

Beach CEO Mr 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.”

Gregory Williams, CEO 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 CEO of Aquiline, said: “We have been delighted to have been associated with Beach over the past three 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.” Last week, Aquiline led a group of investors which provided a $500 million commitment to Bermudian run-off specialist Armour, enabling the company to set up a new reinsurer.

In 2005, Aquiline backed the formation of Validus Holdings, which set up as a $1 billion reinsurer in the wake of a market dislocation sparked by losses relating to hurricanes Katrina, Rita and Wilma.