Two of the UK’s leading insurance firms, Beachcroft and Davies Arnold Cooper, today confirmed that they will merge.

DAC Beachcroft will have a combined turnover of £175m and will employ more than 2,000 staff in offices across the world.

The firms said the merger, which will officially launch on 1 November, will give the new firm a market-leading share of the insurance, real estate and healthcare sectors.

Paul Murray, managing partner of Beachcroft, said: ‘We are very pleased to be creating a firm with such considerable strength across its core markets. Both firms specialise in the insurance sector and the combined firm will provide insurance clients with a distinctive, full-service offering in the UK and internationally.

‘In addition, Beachcroft's market-leading health practice will be well complemented by Davies Arnold Cooper's strong presence in the life sciences sector.’

Danny Gowan, senior partner at DAC, said clients will benefit from the ‘complementary strengths’ and ‘similar cultures’ at both firms.

Beachcroft has more than 950 lawyers and 162 partners across its seven locations in the UK, Singapore and New Zealand.

DAC, established more than 80 years ago, has more than 200 lawyers across London, Manchester, Madrid and Mexico City.