28.4%
Equity % prior to disposal
93.5%
Internal Rate of Return since 2019
£21.65m
Realised sale proceeds
”It has been a pleasure to work with Stuart Lilley, Dan Plummer and the team at Lilley Plummer Risks over the last five years.
Dan ToppingThe Group's Chief Investment Officer
The Group's founding investment in Lilley Plummer Risks, and its eventual sale, is testament to our approach in seeking partnerships with skilled management teams to create and ultimately realise value for our shareholders.
We are delighted to have been part of the growth of Lilley Plummer Risks and wish the whole team all the very best for the next chapter in their growth and development in partnership with Clear Insurance
- Lilley Plummer Risks Limited (“LPR”) is a specialist Lloyd’s broker based in London, focused on providing marine insurance solutions, including coverage for hull, cargo, and liability risks to both domestic and international clients.
- B.P. Marsh initially invested in LPR in October 2019, acquiring a 30% stake for £1m in a combination of Redeemable and Non-Redeemable Preference Shares. £0.7m of Redeemable Shares were redeemed in June 2023.
- Sold its 28.4% stake in LPR for a £21.65m cash consideration (net of transaction costs) to Clear London Markets Limited, a subsidiary of Clear Insurance, majority-owned by Goldman Sachs.
- Proceeds represent an uplift of £4.5m (26%) from the previous valuation of £17.1m as of 31 July 2024, and a 60% increase from the £13.5m valuation at 31 January 2024.
- Achieved an Internal Rate of Return (IRR) of 93.5% on the investment, with a money multiple of 71.4x on the equity investment.
- Since its initial investment, B.P. Marsh has supported LPR’s growth from brokerage revenues of £1.8m in 2020 to a forecasted £12.7m for the year ending 31 December 2024, with projected EBITDA of £6.1m.
- Proceeds from the sale contribute to B.P. Marsh’s overall cash resources, which are expected to reach approximately £100m post-transaction.
- The investment and successful exit from LPR demonstrate B.P. Marsh’s effective strategy in partnering with skilled management teams, supporting business growth, and realising value for shareholders.
