Investment

RNS Number : 5635Z

B.P. Marsh & Partners PLC

11 December 2014

 

Date:                            11^th December 2014

On behalf of:                 B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

("B.P. Marsh" or "the Company")

Investment

B.P. Marsh & Partners Plc (AIM:  BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has subscribed for a 35% Cumulative Preferred Ordinary shareholding in Bastion Reinsurance Brokerage (PTY) Limited ("Bastion"), a start-up Reinsurance Broker based in South Africa, for a total cash consideration of £100,000. 

In addition to the equity investment, B.P. Marsh has agreed to provide Bastion with loan funding of £212,000 on completion and, subject to certain conditions, additional loan funding of up to £130,000.

Established in May 2013, by its CEO and Chairman, Bastion is a fully registered Reinsurance intermediary with the South African Financial Services Board. Bastion specialises in the provision of reinsurance solutions over a number of complex issues, engaged by various insurance companies and managing general agents.

Ian Snowball, the Chairman of Bastion, has a 30 year track record in the insurance industry and has considerable experience in the mid-market insurance sector. Ian has worked for a number of insurance and reinsurance businesses both in the South African and Lloyd's of London Markets.

Bastion's CEO, Lance Brogden, also has considerable experience in the South African reinsurance sector and financial services sector, having worked for a number of insurance related and multinational organisations over the past 20 years.  

B.P. Marsh believes that this investment is an opportunity to gain a foothold in the South African Reinsurance Market, whilst also backing a management team with a strong track record.      

This investment will bring the Company's portfolio to 12 companies and in line with the Company's investment approach, Dan Topping will join the Board of Bastion as a Non-Executive Director.

Commenting on this transaction, Brian Marsh OBE, Chairman of the Company, stated "We are very pleased to make this investment in Bastion and are looking forward to working with this strong and experienced Management team to enable them to deliver substantial growth and robust results over the coming years."

Commenting on the receipt of this investment, Lance Brogden, Bastion's CEO stated: "It is an honour to enter into this solid partnering relationship with B.P. Marsh. They are a strong team of professionals that have a proven record of sound investments and sustainable strategic partnerships."

Dan Topping, who will be appointed to the Board of Bastion as the Company's nominee director, commenting on this investment stated: "I am pleased to be joining the Board of Bastion at an exciting phase in its growth. As a market for Insurance, South Africa is increasing its exposure to London. We believe that Bastion is well positioned within this market to develop and deliver meaningful growth."

For further information:

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

Brian Marsh OBE / Camilla Kenyon                                                                 [phone]

Nominated Adviser & Broker

Panmure Gordon

Fred Walsh / Charles Leigh-Pemberton / Atholl Tweedie                       [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

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

Since formation over 20 years ago, 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 five 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 a Chartered Management Accountant and is the Group Director of Finance and has over 17 years' experience in the financial services industry. Jonathan advises investee companies and has a number of non-executive appointments over three investee companies and evaluates new investment opportunities.

Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate of the Institute of Chartered Secretaries and Administrators (ACIS), having graduated from the University of Durham in 2005. Dan joined B.P. Marsh in February 2007 having started his career at an accountancy firm. In 2011 he was appointed as a director of B.P. Marsh and currently has a number of non-executive appointments over six investee companies and evaluates new investment opportunities.

Camilla Kenyon was appointed as Head of Investor Relations at B.P. Marsh in February 2009, having four years' prior experience with the Company. Camilla has a number of non-executive appointments over two investee companies, is Chair of the New Business Committee and is a Member of the Investor Relations Society.

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