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DAC Beachcroft has made its first international lateral hires since the completion of the Davies Arnold Cooper-Beachcroft merger in October 2011, bolstering its Singapore and Madrid offices.
The firm has recruited Stephenson Harwood’s regional insurance and reinsurance head Steven Dewhurst for the Singapore office. Dewhurst focuses on financial lines and directors and officers’ defence work as well as regulatory advice. The firm said his expertise would complement that of Singapore partner Ben Nicholson.
Before joining Stephenson Harwood in 2008 Dewhurst was a partner at DLA Piper in Hong Kong.
In Madrid the firm has recruited senior associate María Eugenia Guzmán from Cuatrecasas as a partner in the employment team. Guzmán is the 12th partner in the long-established Madrid office.
Meanwhile, 2010-11 LLP accounts for legacy firm Beachcroft have been released. The firm said its 2 per cent revenue growth was “satisfactory” given the firm’s investment in growth, such as the Singapore office.
The firm agreed £3m in new loans following the 2010-11 financial year end, with the aim of funding further expansion.
Expansion in the 2010-11 financial year included the April 2010 acquisition of insurance boutique Williams Holden Cooklin Gibbons (5 April 2010). The accounts show Beachcroft paid £500,000 in cash for the firm.
Subsidiaries Beachcroft Claims and Beachcroft Dublin made losses during the year of £481,000 and £129,000 respectively.
Beachcroft’s bank overdraft increased from £3.8m in 2009-10 to £5.1m in 2010-11.
Although the total profits due to LLP members rose by 5 per cent, the highest amount paid to a member dropped by 6 per cent, from £615,000 to £579,000.
The firm had three fewer partners during the year compared to 2009-10. Fee-earner numbers for Beachcroft as a whole dropped from 547 to 535, while support staff numbers dropped from 932 to 909. Despite this, staff costs rose slightly, from £71m in 2009-10 to £72.2m last year.