Investment

RNS Number : 4223V

B.P. Marsh & Partners PLC

30 January 2017

 

Date:                            30^th January 2017

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

For immediate release

B.P. Marsh & Partners Plc

Investment

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses is pleased to announce that it has subscribed for a 30% Cumulative Preferred Ordinary shareholding in Stewart Specialty Risk Underwriting Ltd ("SSRU").

SSRU is a start-up Specialty Casualty Underwriting Agency, based in Toronto, Canada, and has been approved by the Registered Insurance Brokers of Ontario.

Established in 2016, by its CEO Stephen Stewart, SSRU will provide specialist insurance products to a wide array of clients in the Construction, Manufacturing, Onshore Energy, Public Entity and Transportation sectors.      

SSRU's CEO, Stephen Stewart, has over 25 years' experience in the insurance industry. Prior to establishing SSRU, Stephen worked in a number of senior management roles at both Ironshore and Lombard in Canada. At Ironshore he was pivotal in developing and executing the strategy for launching the Canadian Specialty Property and Casualty division.

In addition to the equity, a six year loan facility of CAD $0.85m (c. £0.48m) is being provided by the Company; provision of funds will be subject to SSRU meeting certain conditions.

The investment represents the latest geographic expansion of B.P. Marsh's investment portfolio, with the North American continent now represented alongside Australia, Singapore, South Africa, Europe and the UK. North America continues to be an area of focus for the Group.

Dan Topping, Chief Investment Officer of the Company, commenting on this investment stating "We are very pleased to be making this investment in SSRU and are looking forward to working with the experienced Management team to enable SSRU to deliver substantial growth and robust results over the coming years."

Stephen Stewart, SSRU's CEO, commented: "I am excited to enter into this partnering relationship with B.P. Marsh. They are a strong team with a proven record of sound investments and sustainable strategic partnerships.

"SSRU is proud to be serving the Canadian commercial casualty market at a time when experience, market familiarity and ease of doing business are valued more than ever before. SSRU will provide an innovative source of stable, domestic, A-rated lead capacity that is not otherwise available in the primary market.  Designed for Canadian based businesses with severity driven and U.S. exposures, our syndicated line shields customers from counterparty exposure while protecting our capacity providers from claims volatility."   

Oliver Bogue, an Investment Director at the Company, who will be appointed to the Board of SSRU as the Company's nominee director, commented "I am pleased to be joining the Board of SSRU following the investment from B.P. Marsh. The recent trend of consolidation in the Canadian Insurance market alongside SSRU's distinctive capacity offering provides considerable opportunities for SSRU and I look forward to working with Management to 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

Atholl Tweedie / Adam James / Charles Leigh-Pemberton                       [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains fourteen 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 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. 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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