BROWN & BROWN SELLS AXIOM RE TO BEACH RE

US broking group Brown & Brown has sold certain assets of its Axiom Re reinsurance broking operation to Canada-based Beach Re as part of its strategy to exit the reinsurance broking market. As part of the deal, Brown & Brown has agreed to assist Beach with the transition of employees, payroll, benefits administration and other post-closing operational details and will in turn rely on Beach to provide reinsurance solutions for its customers. Axiom Re, with around $7m in annual revenues, will continue to operate in its North Carolina offices as part of Beach’s North American operations. Brown & Brown expects to post a fourth-quarter charge of 22¢ a share in connection with the sale. The Florida-based group acquired Axiom Re in 2006 to focus on middle-market reinsurance placements. Meanwhile, Brown & Brown, through its New Jersey-based Brown & Brown Metro unit, has acquired certain assets of Global Benefit Strategies, a local employee benefits broker that generates around $1.1m in annual revenues. Terms of both deals were not disclosed.