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Text Content

 * About Us
   * About Us
   * Investment Process
   * People
 * Portfolio
 * Investors
   * Introduction
   * AIM Rule 26
   * Presentations
   * Share Price Performance
   * Latest results summary
   * Regulatory News
 * Shareholder documents
 * Enquiries
   * Investment Enquiries
   * Contact Us


Select Page
 * About Us
   * About Us
   * Investment Process
   * People
 * Portfolio
 * Investors
   * Introduction
   * AIM Rule 26
   * Presentations
   * Share Price Performance
   * Latest results summary
   * Regulatory News
 * Shareholder documents
 * Enquiries
   * Investment Enquiries
   * Contact Us




INVESTING
IN POTENTIAL


3
Growth, maturity and a vision for success: B.P. Marsh & Partners PLC is a
specialist private equity investor in early stage financial services business
and will consider investment opportunities based in the United Kingdom, Europe,
North America and Internationally.

HIGHLIGHTED NEWS


NEW INVESTMENT – PANTHEON SPECIALTY LIMITED

21 June 2023


ANNUAL RESULTS

13 June 2023


USE OF PROCEEDS OF SALE & STRATEGY UPDATE

6 June 2023


NOTICE OF ANNUAL RESULTS AND INVESTOR PRESENTATION

23 May 2023


SALE OF SHAREHOLDING IN KENTRO CAPITAL LIMITED

23 May 2023


NEW INVESTMENT – VERVE RISK SERVICES LIMITED

28 April 2023


TRADING UPDATE

14 February 2023


INTERIM DIVIDEND & SHARE BUY BACK POLICY

16 January 2023

EXIT CASE STUDY


B.P. MARSH EXITS FROM BESSO AFTER OVER TWENTY TWO YEARS OF INVESTMENT

THE INVESTMENT AND DISPOSAL OF BESSO IS AN EXAMPLE OF B.P. MARSH’S SUCCESSFUL
STRATEGY AND BUSINESS MODEL.

B.P. Marsh & Partners PLC Reporting TimetableTrading UpdateFebruary 2023Annual
Results AnnouncementTuesday 13th June 2023Annual General MeetingWednesday 26th
July 2023Trading UpdateSeptember 2023Interim Results AnnouncementTuesday 17th
October 2023

It is to be noted that the updated NAV per share figure is calculated on the
basis of the Company’s enlarged issued share capital figure excluding the
1,443,147 shares held under the JSOP arrangements (announced on 13 June 2018) as
these are currently non-dilutive. The diluted Net Asset Value per share is
516.8p including shares held within an Employee Benefit Trust which have met
certain performance criteria but have not yet vested.

Our Investment Portfolio: We have been successfully investing in financial
companies since 1990 and have invested in over 50 companies. We currently hold
investments in the following companies:

AG GUARD PTY LIMITED



In July 2019 the Group subscribed for a 36% stake in Agri Services Company PTY
Limited, which in turn acquired 100% of the equity in Ag Guard PTY Limited (“Ag
Guard”).

Ag Guard is a Managing General Agency, which provides insurance to the
Agricultural Sector, based in Sydney, Australia.

For further information please go to:
https://www.agguard.com.au

RECENT NEWS

Investment in Ag Guard



ASIA REINSURANCE BROKERS PTE LIMITED



In April 2016 the Group invested in Asia Reinsurance Brokers Pte Limited, the
Singapore headquartered independent specialist reinsurance and insurance risk
solutions provider. ARB was established in 2008, following a management buy-out
of the business from AJ Gallagher, led by the CEO, Richard Austen. ARB
specialises in the provision of long-term reinsurance and insurance solutions to
a wide range of insurance and reinsurance companies throughout Asia and is a
fully registered insurance intermediary with the Monetary Authority of
Singapore. It has offices throughout the region, including Singapore, Malaysia,
the Philippines and Indonesia.

For further information please go to:
www.arbrokers.asia

RECENT NEWS

Investment in ARB



ATC INSURANCE SOLUTIONS PTY LIMITED



In July 2018 the Group invested in ATC Insurance Solutions, the Melbourne
headquartered MGA and Lloyd’s Coverholder. Established in 2006 by Chris
Anderson, CEO, ATC specialises in Accident & Health, Construction & Engineering,
Trade Pack, Sports and, since 31 August 2021 via its subsidiary MB Prestige
Holdings PTY Limited, niche motor insurance.

For further information please go to:
www.atcis.com.au

RECENT NEWS

ATC acquisition of MB Prestige Holdings PTY Limited  - September 2021
ATC Update - January 2021
Investment in ATC



CBC UK LIMITED



In February 2017  the Group subscribed for a 35% stake in Paladin NewCo Limited,
which in turn acquired 100% of the equity in CBC UK Limited (“CBC”).

Established in 1985, CBC is a Retail and Wholesale Lloyd’s Insurance Broker,
offering a wide range of services to commercial and personal clients as well as
broking solutions to intermediaries. The Group assisted in an MBO of CBC
allowing Management to buy out a major shareholder.

For further information please go to:
http://www.cbcinsurance.co.uk

RECENT NEWS

Refinancing with Coutts - October 2021

Investment into PBS

Investment in CBC



CRITERION UNDERWRITING



In July 2018 the Group invested in Criterion Underwriting (Pte) Limited
(“Criterion”), a start-up Singapore based MGA, alongside the Group’s current
partners in Asia Re Holding (Pte) Ltd & Asia Reinsurance Brokers (Pte) Ltd.
Criterion provides specialist insurance products to a wide variety of clients in
the Cyber, Financial Lines and Marines sectors in Far East Asia. Criterion’s
Management team is led by CEO Jonathan Ranger, who has over 25 years of
experience in the insurance industry.  Prior to establishing Criterion, Jonathan
worked in a number of senior management roles at Munich Re and Swiss Re in
Singapore.

For further information please go to:

http://www.criterionmga.com



DENISON AND PARTNERS LIMITED



In March 2022 the Group subscribed for a 40% stake in Denison and Partners
Limited (“Denison and Partners”), a start-up London-based Lloyd’s Insurance
Broker, established by Alasdair Ritchie. Denison and Partners focusses on
delivering (re)insurance delegated authority solutions and services to MGA’s,
Coverholders and (re)insurers.

Before establishing Denison and Partners, Alasdair Ritchie had been at BMS Group
Limited for 9 years and has been a long time contact of the Company.

In June 2023, Denison and Partners was acquired by Pantheon Specialty Limited.

For further information please go to:

www.denisonpartners.com

RECENT NEWS

Denison and Partners Update - Acquisition by Pantheon Specialty

Investment in Denison and Partners



THE FIDUCIA MGA COMPANY LIMITED



In November 2016, the Group invested in a recently established UK Marine Cargo
Underwriting Agency. Established by its CEO Gerry Sheehy, Fiducia is a
registered Lloyd’s Coverholder which specialises in the provision of insurance
solutions across a number of Marine risks including, Cargo, Transit Liability,
Engineering and Terrorism Insurance.  Gerry was a founding shareholder and
Executive Director of Northern Marine Underwriters (“NMU”) and played a pivotal
role in building that business up significantly before his departure in
September 2015.

For further information please go to:
http://www.fiduciamga.co.uk

RECENT NEWS

Fiducia Update - September 2021

Investment in Fiducia



LEBC HOLDINGS LIMITED



In April 2007 the Group invested in LEBC, an Independent Financial Advisory
company providing expert financial advice to individuals, corporations and
partnerships, principally in corporate pensions and risk benefits, personal
retirement planning and investment. LEBC was established in 2000 with four
branches and now has a network of branches throughout the UK. LEBC is a national
company providing expert, and independent financial advice to all its clients.

For further information please go to:
http://www.lebc-group.com

RECENT NEWS

Update - January 2022

Annual Results to 31 September 2018 - December 2018

Half Year Results to 31 March 2018 - June 2018

Acquisition of Aspira Corporate Solutions Ltd - December 2017

Further Investment in LEBC - July 2017

Further Investment in LEBC - June 2016

Investment in LEBC



LILLEY PLUMMER RISKS LIMITED



In October 2019, the Group invested into the newly formed specialist marine
Lloyd’s broker, Lilley Plummer Risks Limited (“Lilley Plummer”). Established by
Stuart Lilley and Dan Plummer in 2019, Lilley Plummer provides products across
the marine Insurance market.

Stuart Lilley and Dan Plummer have over two decades of experience in the London
and International marine market. Prior to founding Lilley Plummer, Stuart and
Dan established the London market marine operation for a large international
(Re)Insurance broking business, having worked within the marine market at other
specialist insurance brokers.

For further information, please go to:
http://www.LPRisks.co.uk

RECENT NEWS

Lilley Plummer Risks Update - November 2020

Investment in Lilley Plummer Risks



KENTRO CAPITAL LIMITED



In August 2014 the Group invested in Nexus Underwriting Management Limited
(“Nexus”), the independent specialty Managing General Agency (MGA), founded in
2008. It now has five operating subsidiaries. Nexus Underwriting Limited
provides Directors & Officers, Professional Indemnity, Financial Institutions
and Accident & Health and Nexus CIFS Limited specialises in Trade Credit and
Political Risks Insurance. Since the Group's investment in Nexus, a number of
acquisitions have been undertaken, including EBA Insurance Services Limited,
Millstream Underwriting Limited, Beacon Underwriters Limited, Huntingdon
Underwriting, Altitude Risk Partners and Hiscox Flying Global. In February 2022
Nexus rebranded as Kentro Capital Limited

For further information please go to:
http://www.nexusunderwriting.com

RECENT NEWS

Kentro Update - Disposal - May 2023

Nexus Update - November 2021

Nexus Update - October 2021

Acquisition of Marine Business - January 2021

Nexus Update - December 2020

Nexus Update - April 2020

Media Mention - February 2020

Appointment of new Chairman - September 2019

Acquisition of Plus Risk Limited - July 2019

Provision of Loan and Acquisitions - April 2019

Acquisition of Global Flying Book of Business - December 2018 

Further Purchase of Shares in Nexus - October 2018

Acquisition of Altitude Risk Partners & Huntington Underwriting – September 2018

Acquisition of Zon Re Accident Reinsurance – July 2017

Acquisition of Equinox Global Limited – July 2017

Debt Fundraising Secured – July 2017

Acquisition of Vecutra Underwriting  – June 2017

Further Investment in Nexus – December 2016

Further Investment in Nexus – December 2015

Further Investment in Nexus – June 2015

Original 5% Investment in Nexus



PANTHEON SPECIALTY LIMITED



In June 2023, the Group subscribed for a 25% stake in Pantheon Specialty Limited
(“Pantheon”) a holding company established in partnership with Robert Dowman.
Pantheon acquired 100% of the share capital of the established Lloyd’s broker,
Denison And Partners Limited, another of the Group’s portfolio companies.

Robert Dowman has over 30 years of experience in the insurance industry, being
seen as a leading London Market Casualty broker, specialising in the larger more
complex liability placements across the world, whether that be on a facultative
or programme basis. With the support of B.P. Marsh, Robert Dowman is looking to
build a market leading independent specialist broker, across multiple markets. 

RECENT NEWS

Investment in Pantheon



SAGE PROGRAM UNDERWRITERS, INC



In June 2020, the Group subscribed for a 30% stake in Sage Program Underwriters,
Inc (“Sage”). 

Sage is a  US based provider of specialist insurance products to niche
industries, initially providing Worker’s Compensation insurance to the ground
delivery and field sport sectors. Sage was founded by Chuck Holdren in 2019 and
is based in Bend, Oregon.

For further information, please go to:
https://www.sageuw.com/

RECENT NEWS

Investment in Sage



STEWART SPECIALTY RISK UNDERWRITING LTD



In January 2017, the Group invested in a recently established Specialty Casualty
Underwriting Agency, based in Toronto, Canada. Established in 2016, by its CEO
Stephen Stewart, SSRU provides specialist insurance products to a wide array of
clients in the Construction, Manufacturing, Onshore Energy, Public Entity and
Transportation sectors. SSRU’s CEO, Stephen Stewart, has over 25 years’
experience in the insurance industry. Prior to establishing SSRU, Stephen worked
in a number of senior management roles at both Ironshore and Lombard in Canada.
At Ironshore he was pivotal in developing and executing the strategy for
launching the Canadian Specialty Property and Casualty division.

For further information please go to:

www.ssru.ca

RECENT NEWS

SSRU Update - August 2021

SSRU Update - March 2021

SSRU Update - March 2020

Investment in SSRU



NEUTRAL BAY INVESTMENTS LIMITED



In June 2013 the Group invested in Neutral Bay Investments Ltd, which in turn
acquired a 39.47% stake in Sterling Insurance PTY Limited (“Sterling”). Sterling
is one of Australia’s leading specialist underwriting agencies.  It specialises
in niche hard-to-place & complex risks.

Sterling leverages its status as a Lloyd’s Coverholder alongside its strong
local connections to provide Australian insurance brokers access to domestic and
international insurance markets.

The core team at Sterling operated as Sterling Insurance Brokers in the 1980’s &
early 1990’s before being acquired by Heath Lambert.  The team evolved their
product offering to include other industries/sectors such as Railway, Mining &
Engineering risks, and Professional Indemnity. In 2008 Sterling Insurance PTY
Ltd was created as a result of a management buyout.

For further information please go to:
www.sterlinginsurance.com.au

RECENT NEWS

Investment in Sterling



VERVE RISK SERVICES LIMITED



In April 2023, the Group subscribed for a 35% stake in Verve Risk Services
Limited (“Verve”) a London based Managing General Agency specialising in
Professional and Management Liability for the insurance industry. Established by
Scott Simmons and Alan Lambert as Verve Risk Partners LLP, Verve operates in the
USA, Canada, Bermuda, Cayman Islands and Barbados.

Both Scott and Alan have over 20 years’ experience in the insurance industry.

RECENT NEWS

Investment in Verve



XPT GROUP LLC



In June 2017, the Group invested $6,000,000 for a 35% shareholding in the U.S.
based specialty lines insurance distribution company, XPT.

The Group invested in XPT, through its wholly owned subsidiary company, B.P.
Marsh (North America) Ltd. The Group backed the ex-Swett & Crawford CEO Tom
Ruggieri and a strong management team to develop a wholesale insurance broking
and underwriting agency platform across the U.S. Specialty Insurance Sector.

Since XPT was established, it has made three acquisitions. Western Security
Surplus Insurance Brokers, is a Wholesale Broker and Managing General Agency,
which specialises in Property & Casualty insurance. W.E. Love & Associates, is a
Managing General Agency which specialises in Trucking Liability and Physical
Damage & Motor Truck Cargo. SVA Underwriting Services is a Managing General
Agency and Lloyd's Coverholder which specialises in Physical Damage and Cargo
cover for the Trucking Insurance sector

For further information please go to:

http://xptspecialty.com/

RECENT NEWS

Acquisition of CAL and funding - February 2023

Acquisition of S&H and fund-raising - October 2021

Acquisition of IPC - January 2021

Acquisition of Houston Surplus Lines - August 2020

Acquisition of LP Risk, Inc - April 2020

Fundraising & Acquisition of Sierra Specialty - September 2019

Acquisition of SVA Underwriting Services - January 2019

Acquisition of W.E. Love - January 2018

Acquisition of WSS - November 2017

Investment in XPT



B.P. Marsh & Partners PLC
4 Matthew Parker Street
London, SW1H 9NP
+44 (0)20 7233 3112
All content © B.P. Marsh & Partners PLC 2017.
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Investment in CBC UK Limited

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in
early stage financial services businesses is pleased to announce that it has
acquired, through a newly established company Paladin NewCo Limited (“Paladin”),
an effective 35% shareholding in CBC UK Limited (“CBC”).

CBC is a Retail and Wholesale Lloyd’s Insurance Broker, offering a wide range of
services to commercial and personal clients as well as broking solutions to
intermediaries. For the year ending 31st December 2017, CBC has a forecast
revenue of £5,549,000 with a forecast EBITDA of £634,000.

The Group has partnered with CBC’s management team to buy out an existing
shareholder, delivering a 50% shareholding to CBC’s management team, a 15%
shareholding to Andrew Wallas, who will join CBC as Non-Executive Chairman, and
35% to B. P. Marsh.

The acquisition of CBC was made through Paladin to which the Group provided
£4,000,000 of funding. This was provided via the subscription for a 35%
shareholding in Paladin for a cash consideration of £3,500, additionally, the
Group provided a Loan Facility of £3,996,500 which was fully drawn down on
completion.

CBC’s CEO, Robert Cottingham, has over 30 years’ experience in the insurance
industry having held a number of senior positions, including at Glencairn
Limited (now part of Willis Towers Watson), where he was responsible for the
company’s Professional Risks Division. Robert joined the CBC Board in 2011 and
became Chief Executive in November 2015.

CBC’s new Chairman, Andrew Wallas, brings 40 years of insurance experience to
CBC. During that time he became one of the youngest managing directors of a
Lloyd’s broker. He also established what became Glencairn Ltd, which was
ultimately acquired by what is now Willis Towers Watson and was Non-Executive
Chairman of Martello Underwriting, backed by Penta Capital, which was sold to
RSA plc.

Dan Topping, Chief Investment Officer of the Company, who will join the Board of
CBC as a Non-Executive Director, commented: “This is a classic MBO transaction
for B.P. Marsh, in partnership with a motivated Management Team and with
involvement from one of our long-standing associates. We are pleased to invest
in a Lloyd’s broker to which we can bring our experience and market knowledge,
given our track record of developing these businesses. I am also glad to be
reigniting the Group’s relationship with Andrew Wallas which has proved to be a
successful formula in the past.”

Andrew Wallas, Non-Executive Chairman of Paladin, commented: “CBC is a long
established Lloyd’s broker with a solid client base, talented and motivated
people and substantial unrealised potential. I am delighted by this dynamic
opportunity to re-enter the London Insurance Market and to renew my
long-standing relationship with B.P. Marsh.”

CLOSE
B.P. Marsh exits from Hyperion after over twenty years of investment

“We have been pleased to work alongside Hyperion over the last two decades,
helping them build the company to the successful position it stands in today.
The B.P. Marsh investment model continues to create demonstrable long term value
to shareholders, and we are confident the strategy will continue to find,
develop and realize more opportunities going forward.”

Brian Marsh OBE
Chairman of B.P Marsh & Partners Plc

 * Instrumental in co-founding and funding Hyperion in 1994, with an initial
   equity investment of £25,000 and a further equity investment of £4.3m over
   the period of investment;
 * Sold 80% of holding in Hyperion to General Atlantic for a cash consideration
   of £29.2m in July 2013, with remaining holding subject to a Call Option;
 * In July 2016, General Atlantic exercised the Option with B.P. Marsh selling
   its final holding in Hyperion for a cash consideration of £7.3m;
 * Internal Rate of Return of 25.56% since 1994;
 * B.P. Marsh oversaw Hyperion’s growth through a longstanding partnership and
   provision of working capital finance;
 * Spearheaded the process which lead to the private equity firm 3i joining as a
   fellow investor in 2008;
 * Since inception Hyperion had grown from 5 staff to over 3,000, producing
   revenue of £299m in its year ending 30 September 2015;

The investment and disposal of Hyperion is an example of B.P. Marsh’s successful
strategy and business model, and demonstrates how the Company proactively helps
investments mature for the benefit of both the underlying Company and the
B.P.Marsh shareholders.

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