Investee Company Update

RNS Number : 2499L

B.P. Marsh & Partners PLC

21 December 2018

 

HEADLINE ALTERATION

The headline for the B.P. Marsh & Partners Plc announcement released on 20 December 2018 at 16:39 under RNS No 1826L should read Investee Company Update.

The announcement text is unchanged and is reproduced in full below.

Date:                            20 December 2018                 

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

Immediate release

B.P. Marsh & Partners Plc

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

Investee Company Update - Nexus Underwriting Management Limited

B.P. Marsh & Partners Plc (AIM:  BPM), the niche venture capital provider to early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited ("Nexus"), in which it holds an aggregate shareholding of 18.5%, has announced that it has acquired the policy renewal rights to the Hiscox Global Flying ("HGF") book of business, from Hiscox Syndicates Limited on 19 December 2018.

HGF provides loss of license and loss of training expenses insurance for Aviation professionals, resulting from bodily injury or illness (Pilot Accident & Health insurance). HGF was established in 1996 as 'Global Flying Insurance Services' and later joined Hiscox via an acquisition in 2006, when it was renamed as 'Hiscox Global Flying'. The insureds are airline pilots, helicopter pilots, air traffic controllers, cabin crew and marine personnel, via group and individual policies.

Post-acquisition, this book of business will be added onto Nexus' Accident & Health MGA, Millstream Underwriting.

Ian Groves, lead underwriter at HGF, is due to join Nexus as part of the transaction. Ian Groves has previous experience at Hiscox, Global Flying Insurance Services, Cigna Reinsurance and Aon.

The Nexus Group estimates that, for the year ending 31 December 2018, on a run rate basis the business will write total Gross Written Premium of $350m across 15 specialty classes of business, and return income of £41m and EBITDA of £15m. Nexus continues its M&A growth strategy, continuing to target three acquisitions per annum and has completed 13 acquisitions in total.

Daniel Topping, B.P. Marsh's Chief Investment Officer commented: "It is pleasing to see Nexus continue to grow their Accident & Health division with the acquisition of HGF. 2018 has been a great year for Nexus, both in terms of organic growth and M&A expansion and B.P Marsh is delighted to be part of their success going forward."

For further information:

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

Brian Marsh OBE / Camilla Kenyon                                      [phone]

Nominated Adviser & Broker

Panmure Gordon

Atholl Tweedie / Charles Leigh-Pemberton                           [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains eighteen 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. He joined 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 (Millie) was appointed to the main Board in 2011, following her appointment as Head of Investor Relations in 2009. She has dual responsibilities within the Group, running both Investor Relations and the New Business Department and is Chair of the New Business Committee evaluating new investment opportunities.

Millie is nominee director in one investee company and is a member of the Investment Committee. She has over 20 years of experience in the financial services industry, including numerous Board appointments and 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 20 years' experience in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the Chartered Institute of Securities and Investment.

Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003 and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director for Walsingham Motor Insurance Limited, and provides senior financial support and advice to all companies within the Group's portfolio as well as evaluating new investment opportunities.

 

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