Portfolio of
investments

Current Investments

Asia Reinsurance Brokers Pte Limited

In April 2016 the Group invested in Asia Reinsurance Brokers Pte Limited, the Singapore headquartered independent specialist reinsurance and insurance risk solutions provider. 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.

For further information please go to:
www.arbrokers.asia

Recent News

Investment in ARB

Bastion Reinsurance Brokerage (PTY) Limited

In December 2014 the Group invested in Bastion Reinsurance Brokerage (PTY) Limited (“Bastion”), a start-up Reinsurance Broker based in South Africa. Established in May 2013, by its CEO and Chairman, Bastion specialises in the provision of reinsurance solutions over a number of complex issues, engaged by various insurance companies and managing general agents.

For further information please go to:
www.bastionre.co.za

Recent News

Investment in Bastion

Further Investment in South Africa – Bulwark

Further Investment in South Africa – PLUM

Bulwark Investment Holdings (PTY) Limited

In April 2015 the Group, alongside its existing South African Partners, established a new venture, Bulwark Investment Holdings (PTY) Limited (“Bulwark”). Bulwark is a South African based holding company which establishes Managing General Agent in South Africa. To date Bulwark has established two new Managing General Agents, Preferred Liability Underwriting Managers (PTY) Limited and Mid-Market Risk Acceptances (PTY) Limited.

Recent News

Investment in Bulwark

CBC UK Limited

In February 2017  the Group subscribed for a 35% stake in Paladin NewCo Limited, which in turn acquired 100% of the equity in CBC UK Limited (“CBC”).

Established in 1985, CBC is a Retail and Wholesale Lloyd’s Insurance Broker, offering a wide range of services to commercial and personal clients as well as broking solutions to intermediaries. The Group assisted in an MBO of CBC allowing Management to buy out a major shareholder.

For further information please go to:
http://www.cbcinsurance.co.uk

Recent News

Investment in CBC

The Fiducia MGA Company Limited

In November 2016, the Group invested in a recently established UK Marine Cargo Underwriting Agency. Established by its CEO Gerry Sheehy, Fiducia is a registered Lloyd’s Coverholder which specialises in the provision of insurance solutions across a number of Marine risks including, Cargo, Transit Liability, Engineering and Terrorism Insurance.  Gerry was a founding shareholder and Executive Director of Northern Marine Underwriters (“NMU”) and played a pivotal role in building that business up significantly before his departure in September 2015.

For further information please go to:
http://www.fiduciamga.co.uk

Recent News

Investment in Fiducia

LEBC Holdings Limited

In April 2007 the Group invested in LEBC, an Independent Financial Advisory company providing expert financial advice to individuals, corporations and partnerships, principally in corporate pensions and risk benefits, personal retirement planning and investment. LEBC was established in 2000 with four branches and now has fourteen branches throughout the UK. LEBC is a national company providing expert, and independent financial advice to all its clients.

For further information please go to:
http://www.lebc-group.com

Recent News

Further Investment in LEBC

Investment in LEBC

MB Prestige Holdings PTY Limited

In December 2013 the Group invested in MB Prestige Holdings PTY Limited, the parent company of MB Insurance Group PTY Ltd (“MB Group”) a Managing General Agent (MGA), headquartered in Sydney, Australia. MB Group is recognised as a market leader in respect of prestige motor vehicle insurance in all mainland states of Australia.

For further information please go to
www.mbinsurance.com.au

Recent News

Investment in MB

Nexus Underwriting Management Limited

In August 2014 the Group invested in Nexus Underwriting Management Limited (“Nexus”), the independent specialty Managing General Agency (MGA), founded in 2008. It now has five operating subsidiaries. Nexus Underwriting Limited provides Directors & Officers, Professional Indemnity, Financial Institutions and Accident & Health and Nexus CIFS Limited specialises in Trade Credit and Political Risks Insurance. In August 2015 EBA Insurance Services Limited was acquired, an MGA which operates predominantly in Italy and France and specialises in Surety, Bond and Latent Defect Insurance. Similarly, in November 2015 Nexus expanded into Asia, setting up Nexus Asia, and in December 2015 Nexus acquired Millstream Underwriting Limited, expanding their reach to the provision of bespoke Accident, Health, and Travel Insurance products. Most recently, in July 2016, Nexus acquired Beacon Underwriters Limited, a Hong Kong domiciled MGA that specialises in Marine Insurance.

For further information please go to:
http://www.nexusunderwriting.com

Recent News

Further Investment in Nexus – December 2016

Further Investment in Nexus – December 2015

Further Investment in Nexus – June 2015

Original 5% Investment in Nexus

Property And Liability Underwriting Managers (PTY) Limited

In June 2015 the Group completed an investment in Property And Liability Underwriting Managers (PTY) Limited (“PLUM”), a Managing General Agent based in Johannesburg, South Africa. PLUM specialises in large corporate property insurance risks in South Africa and is supported by both domestic South African insurance capacity and A-rated international reinsurance capacity.

Recent News

Investment in PLUM

Stewart Specialty Risk Underwriting Ltd

In January 2017, the Group invested in a recently established Specialty Casualty Underwriting Agency, based in Toronto, Canada. Established in 2016, by its CEO Stephen Stewart, SSRU provides 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.

Recent News

Investment in SSRU

Neutral Bay Investments Limited

In June 2013 the Group invested in Neutral Bay Investments Ltd, which in turn acquired a 39.47% stake in Sterling Insurance PTY Limited (“Sterling”). Sterling is one of Australia’s leading specialist underwriting agencies.  It specialises in niche hard-to-place & complex risks.

Sterling leverages its status as a Lloyd’s Coverholder alongside its strong local connections to provide Australian insurance brokers access to domestic and international insurance markets.

The core team at Sterling operated as Sterling Insurance Brokers in the 1980’s & early 1990’s before being acquired by Heath Lambert.  The team evolved their product offering to include other industries/sectors such as Railway, Mining & Engineering risks, and Professional Indemnity. In 2008 Sterling Insurance PTY Ltd was created as a result of a management buyout.

For further information please go to:
www.sterlinginsurance.com.au

Recent News

Investment in Sterling

Summa Insurance Brokerage, S. L.

In January 2005 the Group provided finance to a Madrid-based Spanish management team with the objective of acquiring and consolidating regional insurance brokers in Spain. Summa has acquired brokers in throughout Spain in 18 locations. Through acquisition Summa has been able to achieve synergistic savings, economies of scale and greater collective bargaining thereby increasing overall value. Summa continues to seek new opportunities in Spain.

http://www.grupo-summa.com

Recent News

Increased Investment in Summa

Walsingham Motor Insurance Limited

In December 2013 the Group invested in Walsingham Motor Insurance Limited (“Walsingham”), a new niche UK Motor Managing General Agency. Walsingham was established in August 2012 and commenced trading in July 2013.

For further information please go to:
www.walsinghamunderwriting.com

Recent News

Investment in Walsingham

XPT Group LLC

On 12th June 2017, the Group invested $6,000,000 for a 35% shareholding in the New York based specialty lines insurance distribution company, XPT Group LLC (“XPT”).

The Group invested in XPT, through its wholly owned subsidiary company, B.P. Marsh (North America) Ltd. The Group backed the ex-Swett & Crawford CEO Tom Ruggieri and a strong management team to develop a wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector.

Recent News

Investment in XPT

Case Studies

B.P. Marsh exits from Besso after over twenty two years of investment

“Besso’s unique culture and workforce allowed its skilled team of insurance professionals to work closely with clients to meet every type of challenge and risk. B.P. Marsh worked closely with Besso’s management over the last 20 years to grow their business with strategic oversight and financial support and is a perfect example of our successful investment model.”

Dan Topping (Non-Executive Director of Besso)
Chief Investment Officer of B.P. Marsh & Partners Plc

  • Besso is a highly regarded, independent Lloyd’s broking group, arranging all forms of insurance, including property, casualty, professional indemnity, marine and aviation to a wide variety of domestic and international customers;
    Instrumental in co-founding and funding the modern guise of Besso in 1995, when the Group assisted a specialist team departing from insurance broker now known as JLT Plc;

 

  • B.P. Marsh has supported Besso over its two decades of investment with Equity and Loan funding to bring about substantial growth;

 

  • Sold holding in Besso to BGC Partners Inc for a cash consideration of £21.5m in February 2017, representing an enterprise valuation of approximately £70.5m;

 

  • Proceeds represent an increase of c. 55% on its published valuation of the same stake in Besso at 31st July 2015 of £13.9m;

 

  • Internal Rate of Return of 21.90% since 1995 (inclusive of all income and fees);

 

  • From revenue of c. £2.3m in the year ended 31st December 1995 to revenue of £44.6m in year ended 31st December 2016;

 

  • The investment and disposal of Besso is an example of B.P. Marsh’s successful strategy and business model, and demonstrates how the Group proactively helps investments mature for the benefit of both the underlying investment and the B.P. Marsh shareholders.

B.P. Marsh exits from Hyperion after over twenty years of investment

“We have been pleased to work alongside Hyperion over the last two decades, helping them build the company to the successful position it stands in today. The B.P. Marsh investment model continues to create demonstrable long term value to shareholders, and we are confident the strategy will continue to find, develop and realize more opportunities going forward.”

Brian Marsh OBE
Chairman of B.P Marsh & Partners Plc

  • Instrumental in co-founding and funding Hyperion in 1994, with an initial equity investment of £25,000 and a further equity investment of £4.3m over the period of investment;

 

  • Sold 80% of holding in Hyperion to General Atlantic for a cash consideration of £29.2m in July 2013, with remaining holding subject to a Call Option;
    In July 2016, General Atlantic exercised the Option with B.P. Marsh selling its final holding in Hyperion for a cash consideration of £7.3m;

 

  • Internal Rate of Return of 25.56% since 1994;

 

  • B.P. Marsh oversaw Hyperion’s growth through a longstanding partnership and provision of working capital finance;

 

  • Spearheaded the process which lead to the private equity firm 3i joining as a fellow investor in 2008;

 

  • Since inception Hyperion had grown from 5 staff to over 3,000, producing revenue of £299m in its year ending 30 September 2015;

 

  • The investment and disposal of Hyperion is an example of B.P. Marsh’s successful strategy and business model, and demonstrates how the Company proactively helps investments mature for the benefit of both the underlying Company and the B.P.Marsh shareholders.

B.P. Marsh exits from JMD Specialist Insurance Services Limited (“JMD”)

“We believe that the acquisition of JMD by R&Q will strengthen their service offering and offer further growth opportunities. It is for this reason that we chose to hold shares in R&Q, a decision that represents a departure from our investment strategy. We wish everyone at JMD all the best for the future.”

Brian Marsh OBE
Chairman of B.P Marsh & Partners Plc

  • In 2007 B.P. Marsh invested in JMD, a provider of leading-edge services to the insurance industry.

 

  • Throughout Investment B.P. Marsh was involved in the strategic development of the business and provided capital to bring about increased development and growth.

 

  • In 2010, B.P. Marsh sold its stake in JMD to Randall and Quilter Investment Holdings Limited (“R&Q”), the AIM listed run-off management service provider.

 

  • The total consideration paid was 650,000 2p shares in R&Q, which represented a cash consideration of £700,000 at the date of sale.

 

  • The sale price represented an IRR of 16.43%.

 

  • The investment and disposal of JMD was an example of B.P. Marsh’s successful strategy and business model, and demonstrates how the Company proactively helps investments mature for the benefit of both the underlying company and the B.P. Marsh shareholders.

B.P. Marsh exits from Principal Investment Holdings Limited (“Principal”)

“We were investors in Principal since 1999 and thoroughly enjoyed the challenges and opportunities that this investment provided. We believed that Sanlam were an excellent new owner for the business and wished them and all the Management staff at Principal every good fortune for the future.”

Brian Marsh
OBE Chairman of B.P Marsh & Partners Plc

  • In 1999 B.P. Marsh invested in Principal, the provider of discretionary fund management advice to private clients, trusts, charities and a range of corporate customers.

 

  • Throughout its nine years of investment B.P Marsh provided £2.8m of funding to Principal.

 

  • Throughout Investment B.P. Marsh was involved in the strategic development of the business and provided capital to bring about increased development and growth.

 

  • In 2008, B.P. Marsh sold its stake in Principal to Sanlam, the South African insurance and financial services group, for a cash consideration of £5.8m.

 

  • The sale price represented an investment multiple of 2.1x.

 

  • The investment and disposal of Principal was an example of B.P. Marsh’s successful strategy and business model, and demonstrates how the Company proactively helps investments mature for the benefit of both the underlying company and the B.P. Marsh shareholders.