Acquisition

RNS Number : 8471V

B.P. Marsh & Partners PLC

21 April 2016

 

B.P. Marsh & Partners Plc

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

Acquisition

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 acquired a 20% shareholding in Asia Reinsurance Brokers Pte Limited ("ARB"), the Singapore headquartered independent specialist reinsurance and insurance risk solutions provider, for a total consideration of SGD $2,398,424.

The Group may increase its shareholding in ARB to 25% for an additional cash consideration of up to SGD $500,000. The consideration paid by the Group will be dependent on the performance of ARB in its financial year ending 31^st December 2017.

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.

B.P. Marsh considered this an exciting opportunity to invest in a well-established and profitable business with an experienced and respected management team and strong growth potential. The investment will be used to build on ARB's position in the Asian market and to assist them in their growth ambitions.

Richard Austen started his insurance and reinsurance career in Lloyd's of London in 1972 working for the Lloyd's broker Thompson Graham Ltd which later became Jardine Lloyd Thompson. After 30 years of insurance and reinsurance broking services in Asia with JLT, he joined A J Gallagher to develop their broking business in Asia.

Subsequently, with the global sale of Gallagher's reinsurance operations, Richard led the local management team to complete a management buy-out and rebrand the company Asia Reinsurance Brokers Pte Ltd (ARB).

Commenting on this investment, Richard Austen, ARB's CEO stated "The Board of ARB are delighted to welcome B.P. Marsh, a successful long term international industry investor, as a new shareholder. Their investment affirms and endorses ARB's unique 'trusted market position' and will further enhance our regional analytical and specialist services which differentiates us from our competitors." 

Commenting on this transaction, Brian Marsh OBE, Chairman of the Company, stated "We are very pleased to take this stake in ARB, a business with an accomplished and experienced management team. We look forward to working with them to develop their business."

Daniel Topping, Chief Investment Officer of the Company, will be appointed to the Board of ARB as the Company's nominee director. Commenting on this investment he stated "we viewed this investment as an excellent opportunity to take a shareholding in a profitable independent reinsurance broker, with an enviable client list of regional and international insurers. We anticipate supporting the first rate management team in their endeavours to further develop and grow their company."

This investment will bring the Company's portfolio to 15 companies.

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 fifteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 25 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.

Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman's Office and established herself as a central part of the management team.

In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016 Alice was appointed Managing Director of B.P. Marsh.

In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the Company's overall progress towards achieving the objectives and goals of the Company, as set by the Board.

Dan Topping is the Chief Investment Officer of B. P. Marsh, having been appointed as a Director in 2011 joining the Company in February 2007, following two years at an independent London accountancy practice. Dan is the Senior Executive with overall responsibility for the portfolio and investment strategy of B.P. Marsh.

Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the Institute of Chartered Secretaries and Administrators.

Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director across the portfolio.

Camilla Kenyon was appointed as Head of Investor Relations at B.P. Marsh in February 2009, having four years' prior experience with the Company. She was appointed to the main board in 2011.  Camilla is Chair of the New Business Committee evaluating new investment opportunities. She has a number of nominee directorships over two investee companies and is a standing member of the Investment Committee. She is a Member of the Investor Relations Society.

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 currently serves as a Board Director for The Broucour Group Limited and Walsingham Motor Insurance Limited, and provides senior financial advice to all companies within the Group's portfolio as well as evaluating new investment opportunities.

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