Completion of U.S. Risk (UK)

RNS Number : 7789P

B.P. Marsh & Partners PLC

22 July 2010

 



Date:              22 July 2010

On behalf of:   B.P. Marsh & Partners Plc ("B. P. Marsh" or the "Company")

B.P. Marsh & Partners Plc

 

Completion of U.S. Risk (UK) Limited Investment

B.P. Marsh & Partners Plc (AIM:  BPM), a niche venture capital provider to early stage financial services businesses, today announces that following receipt of FSA approval, it has completed its acquisition of a 30% equity stake in U.S. Risk (UK) Limited ("U.S. Risk") for a cash consideration of £1,396,417. 

As previously announced on 10 June 2010, U.S. Risk is the parent company of NCG Professional Risks Limited ("NCG"), a London based Lloyd's insurance and reinsurance broker.  The investment will be used to drive NCG's growth plans to diversify the business further and strengthen its core areas of focus: professional indemnity, North America, special risks and reinsurance.

This investment increases B.P. Marsh's portfolio to 10 companies.

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For further information:

B.P. Marsh & Partners Plc              www.bpmarsh.co.uk

Brian Marsh OBE                               [phone]

Nominated Adviser

Arbuthnot Securities

Nick Tulloch / Ed Gay                         [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains 10 companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Over the past 20 years, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least seven years.

Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.

Jonathan Newman is the Group Director of Finance and has over 10 years' experience in the financial services industry. Jonathan advises investee companies through several non-executive board appointments and evaluates new investment opportunities.

Robert King is a Director and Group Company Secretary. He joined B.P. Marsh in May 2003 having started his career at PricewaterhouseCoopers. Since joining B.P. Marsh he has taken on responsibility for the Group's legal, compliance and secretarial functions and played a key role in the flotation of the Company.

About NCG Professional Risks Ltd

In 2003, U.S. Risk Insurance Group, Inc acquired a majority shareholding in NCG Professional Risks Limited.  It set up a London based holding company, U.S. Risk (UK) Limited, which held 100% shareholding in NCG Professional Risks Limited.

In March 2004 NCG gained Lloyd's Accredited status.  It was approved by the Financial Services Authority (FSA) two months later and was fully authorised in January 2005. 

In July 2004, NCG acquired a high profile team of individuals to create a North American Division, initially focusing on Speciality Lines business emanating from the United States and Canada.  This division has since grown and diversified into offering additional lines of cover, specifically Property & Casualty.

In May 2007, NCG Professional Risks acquired a team of individuals, culminating in the creation of the Company's International division, responsible for the placement of Property and Casualty facilities throughout Australasia and the introduction of a worldwide facultative Reinsurance portfolio.

NCG has strong links with major Lloyd's Managing General Agents and syndicates as well as London Company Market insurers. 

Further information on NCG Professional Risks Limited is available via its website: www.ncgpi.co.uk

 

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