Hyperion Insurance Group to sell stake in CFC

RNS Number : 1723B

B.P. Marsh & Partners PLC

12 April 2012

 

B.P. Marsh & Partners Plc

Investee Company Update

Hyperion Insurance Group Limited Agrees to sell Majority Stake in CFC

Hyperion Insurance Group Limited ("Hyperion"), in which BP Marsh has a 19.4% stake, announced yesterday that it has reached agreement to sell its majority stake in CFC Underwriting Ltd ("CFC") to a consortium of private investors and the management team, subject to FSA approval.

CFC has secured finance from a consortium of six private investors and the management who are all committed to the long term future of the business. The consortium includes Richard Corfield, previously Managing Director of Lloyd Thompson from 1994 to 1996 and Chairman of R. K. Harrison from 1996 to 2007, and Mike Rees, who was one of the three founding directors of Benfield. Richard Corfield will be taking up the role of Executive Chairman with effect from 1st October 2012.

David Howden, CEO of Hyperion commented on the deal: "In 2000, David Walsh, at the time working for the group, saw a gap in the market to start a specialist underwriting business focusing on insurance for technology companies and e-risk. He approached the Group to back him by investing in this exciting proposition, and Hyperion took a significant stake in the business. Over the last twelve years CFC has grown and diversified and is now one of the pre-eminent MGAs in London with clients in over 50 countries around the world."

David Walsh, Managing Director of CFC Underwriting said: "Since our incorporation CFC has changed dramatically to cater for the needs of our clients and brokers. The time is now right for CFC to step out on our own and pursue our growth plans. We have an exciting future ahead of us, and I would like to thank Hyperion for the support they have given from the very beginning to allow us to build this great business."

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For further information:

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

Brian Marsh OBE / Camilla Kenyon                                                     [phone]

Nominated Adviser & Broker

Panmure Gordon

Paul Lumbis / Fred Walsh                                                                     [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains nine 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 four 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 14 years' experience in the financial services industry. Jonathan advises investee companies through three non-executive board appointments and evaluates new investment opportunities.

Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate Member of the Institute of Chartered Secretaries and Administrators (ACIS) having joined the Company in 2007. Dan was appointed director in 2011 and currently holds four non-executive board appointments through which he advises investee companies and he also 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. She holds two non-executive appointments and is Chair of the New Business Committee. She is a Member of the Investor Relations Society.

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