The Group may increase its shareholding in ARB to 25% for an additional cash consideration of up to SGD $500,000. The consideration paid by the Group will be dependent on the performance of ARB in its financial year ending 31st December 2017.
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.
B.P. Marsh considered this an exciting opportunity to invest in a well-established and profitable business with an experienced and respected management team and strong growth potential. The investment will be used to build on ARB’s position in the Asian market and to assist them in their growth ambitions.
Richard Austen started his insurance and reinsurance career in Lloyd’s of London in 1972 working for the Lloyd’s broker Thompson Graham Ltd which later became Jardine Lloyd Thompson. After 30 years of insurance and reinsurance broking services in Asia with JLT, he joined A J Gallagher to develop their broking business in Asia.
Subsequently, with the global sale of Gallagher’s reinsurance operations, Richard led the local management team to complete a management buy-out and rebrand the company Asia Reinsurance Brokers Pte Ltd (ARB).
Commenting on this investment, Richard Austen, ARB’s CEO stated “The Board of ARB are delighted to welcome B.P. Marsh, a successful long term international industry investor, as a new shareholder. Their investment affirms and endorses ARB’s unique ‘trusted market position’ and will further enhance our regional analytical and specialist services which differentiates us from our competitors.”
Commenting on this transaction, Brian Marsh OBE, Chairman of the Company, stated “We are very pleased to take this stake in ARB, a business with an accomplished and experienced management team. We look forward to working with them to develop their business.”
Daniel Topping, Chief Investment Officer of the Company, will be appointed to the Board of ARB as the Company’s nominee director. Commenting on this investment he stated “we viewed this investment as an excellent opportunity to take a shareholding in a profitable independent reinsurance broker, with an enviable client list of regional and international insurers. We anticipate supporting the first rate management team in their endeavours to further develop and grow their company.”
This investment will bring the Company’s portfolio to 15 companies.
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Fred Walsh / Charles Leigh-Pemberton / Atholl Tweedie +44 (0)20 7886 2500
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