New York private equity firm Aquiline Capital Partners has picked up a majority stake in Beach & Associates.
Beach, headquartered in Toronto, Canada, is a reinsurance broker that focuses on commercial property and casualty insurance and reinsurance. Terms of the investment were not disclosed.
Aquiline focuses on investing in middle market businesses in the financial services, banking, insurance, investment management and financial technology sectors. The firm was on Mergers & Acquisitions Latest PE Fundraising Efforts list in October. The firm closed another insurance related deal, for Equity Insurance Group, in April 2013.
The comes amid years of consolidation in the insurance sector. Other private equity firms are also investing in insurers. In November, TA Associates closed an investment in Insurity Inc., and Palladium Equity Partners invested in Pronto General Agency Ltd.
For more on insurance consolidation, see Racking Up Regional Insurers.