Beach & Associates, an independent specialty reinsurance intermediary, has a new majority investor: Aquiline Capital Partners.

The New York-based private equity firm disclosed it snatched up a majority of the equity in Beach & Associates, an outfit based in London, Bermuda, Toronto and New York. At the same time, Beach & Associates founder and Chairman Jonathan Beach plans to keep a “significant investment” in the firm, Aquiline said in its announcement of the deal.

Aquiline CEO Jeff Greenberg explained in a prepared statement that he sees growth potential in the firm, which will continue with CEO Grahame Millwater in the top spot, as before.

“We see opportunity for Beach & Associates to develop and expand in the current market,” Greenberg said.

Beach also plans to remain on his firm’s board of directors. As well, senior partners committed some investor cash in Beach & Associates, along with Aquiline, and will continue on with a 15 percent ownership stake.

Beach & Associates helps major insurance companies to both understand and reach corporate risk management goals through their reinsurance purchases.

Source: Aquiline Capital Partners