B. P. Marsh & Partners Plc (“B. P. Marsh”) is pleased to announce that it has acquired a 30% stake in Walsingham Motor Insurance Limited (“Walsingham”), a new specialist UK Motor Managing General Agency (“MGA”) operating in niche markets, for a consideration of £300,000.
The management team has a proven track record in starting and growing MGA businesses. The team also has considerable underwriting expertise, along with long-term experience of the Motor insurance sector. Walsingham commenced trading in July 2013 having secured primary capacity from Calpe, a subsidiary of Alleghany Corporation, an American based global reinsurer, with a market capitalisation in excess of £6bn.
The Chairman and founder of Walsingham, Martin Gray, has a 40 year track record in the industry and was formally Managing Director of Heritage Underwriting Agency Plc and Heritage Managing Agency Limited and has held other senior roles in the Managing Agency arena.
Walsingham’s Chief Executive Officer and co-founder, Garry Watson, has over 30 years’ experience in the insurance industry having held a number of senior positions in both the London and General Insurance Marketplace, including Lloyd’s of London and Aon.
The Chief Underwriting Officer is Mark Game, who has 35 years of experience in the Motor market, including senior positions at Brightside Group Plc and HSBC Insurance Brokers Limited.
In addition to the equity investment, B. P. Marsh has agreed to provide Walsingham with loan funding of £1m on completion and, subject to certain conditions, additional loan funding of up to £200,000. The Company’s investment will be used to deliver Walsingham’s plans to create a profitable niche motor MGA.
This investment increases B. P. Marsh’s portfolio to 11 companies and in line with the Company’s investment approach, Jon Newman (B. P. Marsh Group FD) will join the Board of Walsingham as a Non-Executive Director (subject to FCA approval).
Commenting on the transaction Brian Marsh Chairman of the Group stated:
“The Company is pleased to invest in Walsingham, a business with an accomplished and experienced management team that we believe capable of growing the business into a market leader. We look forward to working with them to achieve their plans.”
Commenting on the investment Martin Gray, Chairman of Walsingham said:
“It’s great to be working with the management team at B.P. Marsh, I have much respect for Brian and the Company for what they have achieved over the last 20 years and we are delighted to have them on board, in concert with our existing supportive partners, to help us achieve our goals.”