37.9%

Equity % prior to disposal

21.9%

Internal Rate of Return since 1995

£21.5m

Realised sale proceeds

”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.