Acrisure is set to acquire 100% of Beach & Associates equity from the firm's existing shareholders, which include Aquiline Capital Partners and Beach management. Under new ownership, Beach will retain its name and continue to operate as an independent advisory and transactional broking business within Acrisure. The existing Beach management team will remain following the transaction and have elected to become shareholders in Acrisure upon completion. Subject to regulatory approvals, the transaction is anticipated to complete in 1Q18.

Situs has entered into a definitive agreement to acquire MountainView Financial Solutions, with the aim of extending its existing analytics offerings. The transaction, which is subject to customary closing conditions, is expected to be completed by 31 January. MountainView's professionals will work alongside Situs to deliver a spectrum of risk management and transaction services, as well as build on the group's foundation of valuation and regulatory advisory services.

Blockchain trade

Lombard Odier Investment Managers has disclosed that it purchased the US$15m Dom Re ILS bond on the secondary market last month (SCI 8 December 2018). The firm acquired the securities for its LO Insurance Linked Opportunities Fund via blockchain delivery-versus-payment settlement from Solidum Partners. Solidum initially issued the bonds in August 2017 using a private blockchain to participants on an invitation-only basis.

EMEA

Ince & Co has promoted Aymeric de Tapol, who joined the law firm in 2008 and has also spent two years in Hong Kong, to partner in its Paris office. His practice focuses on structured financings in the maritime and aviation industries under English and French law. His work with shipowners and banks touches on all aspects of structure finance deals, tax leases and export credit financings. Ince & Co now has 11 partners in France.

Investcorp Credit Management (ICM) has named Phil Yeates as md, leading its newly-created European credit funds business. He will be based in London and oversee the structuring and fundraising for closed ended credit funds and separately managed accounts in Europe, reporting to ICM head Jeremy Ghose. Yeates joins the firm following 24 years at Rothschild, where he helped establish its global credit management business.

LGIM Real Assets has made three senior appointments for its private credit business: Lorna Brown joins as head of real estate debt EMEA, having previously been md at Blackstone Real Estate; Stuart Hitchcock joins as senior portfolio manager, having previously been md at New York Life Investors; and Matthew Taylor joins as senior investment manager, corporate private debt, having previously been a director at HSBC primarily responsible for corporate securitisations. Brown and Hitchcock report to private credit head Nicholas Bamber, while Taylor reports to corporate private credit head Calum Macphail.

Ralf Ackermann has joined Searchlight Capital Partners as a partner in London. He was previously a partner at Apollo Management, where he oversaw the illiquid opportunistic credit business in Europe and served on the global illiquid opportunistic credit investment committee and the firm's European management committee. While at Apollo, Ackermann focused on a wide range of restructuring and distressed investments.

Bracewell has announced made Jeris Brunette a partner, effective 1 January, 2018. Brunette began her legal career at Bracewell and has a range of structured finance experience, particularly advising on receivables financing and securitisation arrangements.

ILS syndicate management

AXIS Capital Holdings has established a single managing agent structure for its operations at Lloyd's, after receiving authorisation for AXIS Managing Agency to commence management and oversight of Novae Syndicate 2007 and SPS 6129 – a Lloyd's special purpose syndicate launched in January 2016 as a collaboration between Novae and ILS fund manager Securis Investment Partners. Novae Syndicate 2007 and SPS 6129 will operate alongside AXIS Syndicate 1686, which AXIS Managing Agency currently manages. AXIS has initiated plans to consolidate its Lloyd's business into AXIS Syndicate 1686, under management of AXIS Managing Agency, and anticipates completing that process from 1 January 2019.

North America

Alcentra has appointed Leland Hart as md and head of US loans and high yield, reporting to global co-cio Vijay Rajguru. Leland will lead the firm's investment and research team located in New York and Boston. He joins from BlackRock Asset Management, where he was an md, head of loans and CLOs, and co-head of the global infrastructure debt group.

Blackstone has named Chris Blunt as a senior md and ceo of its new insurance solutions business, which partners with insurers to deliver customisable and diversified portfolios of Blackstone products across asset classes, as well as the option for full management of insurance companies' investment portfolios. Affiliates of Blackstone recently entered into an investment agreement with Fidelity & Guaranty Life, whereby Blackstone Insurance Solutions oversees US$22bn in assets under management. In addition, Blackstone in partnership with AXIS Capital established Harrington Reinsurance in July 2016 and currently manages all general account assets. Blunt joins Blackstone after 13 years at New York Life, where he most recently served as president of the investments group, responsible for five businesses – NYL Investors, New York Life Investment Management (NYLIM), Retail Annuities, Institutional Annuities and Seguros Monterrey New York Life – with combined AUM of more than US$500bn.

ICG has appointed Amy Schioldager as a non-executive director with effect from 25 January, marking the firm's first US-based non-executive director, reporting to chairman Kevin Parry. Schioldager recently retired from BlackRock, where she was a member of the global executive committee and head of beta strategies, having worked at the firm for over 25 years. ICG's US team numbers over 40 professionals and the firm plans to extend its proven fund vintages, as well as introduce new fund strategies across the region.

Michael Szymanski has tendered his resignation as ceo, president and a director of ZAIS Group Holdings (ZGH), in light of the company's decision to pursue discussions with Christian Zugel that would result in taking it private through a proposed cash merger. The ZGH board has elected former DBRS Group president and ceo Daniel Curry to succeed Szymanski in the vacant positions, effective from 8 January 2018. Curry is also a member of Z Acquisition, the entity formed by Zugel for the purposes of his offer to take ZGH private. Discussions between Zugel and the special committee of the ZGH board are continuing.

Renovate America has promoted Adam Garfinkle to cfo. Garfinkle joined the firm in 2015 as svp and head of capital markets and was previously head of the asset backed and mortgage backed structured finance group at Bank of America Securities. Craig Braun now assumes the role of svp and head of capital markets, having been md of capital markets at Renovate America since 2014.

Chapman and Cutler has hired Samuel Yoo as a partner to its CLO and structured finance practice in New York. Yoo was previously director and counsel at Credit Suisse Securities where he was the primary lawyer for the CLO new issue desk in New York.

A new alternative investment firm dubbed Hunter Street Partners has launched in the US which will invest in opportunistic credit and equity deals for middle market companies including specialty finance and real estate projects. The firm is led by Neal Johnson, who spent nearly a decade at Varde Partners before serving as managing partner and co-cio of Isles Ranch Partners. In addition to Varde, Hunter Street's partners come from Merced Capital, CarVal Investments, Whitebox Advisors and Pine River Capital Management. Other partners include Peter Hommeyer, president; Andrew Platt, Investments; and Jason Hegrenes, coo and cfo. Based in Minneapolis, Hunter Street will seek out idiosyncratic and off-the-run investments that have complex capital structures and companies that don't have access to traditional bank financing.

Tender invitation

Clifden IOM No. 1 has launched an invitation to the holders of circa £2bn bonds issued by 17 RMAC non-conforming RMBS to tender their notes for purchase for cash, stating that it already holds significant positions in each of the series. A fixed purchase price of 92% to 103% per £1,000/€1,000/US$1,000, as applicable, in principal amount is being offered and there is an early tender premium of 1%. The early tender deadline is 26 January, while the offer expires on 7 March and settlement is scheduled for 12 March. An investor notice last month indicated that Paratus AMC is considering redeeming the notes.