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Farmers not hunters

We grow businesses in a financially sustainable and secure way


Investing in potential

Achieving attractive long-term, low risk returns for investors

B.P. Marsh & Partners PLC (AIM: BPM) is a specialist private equity investor in early stage financial services businesses based in the United Kingdom and globally, with a specific focus on Insurance Intermediaries.

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Key metrics

(as at 31 January 2024)

Our consistent investment philosophy has continued to deliver strong NAV growth and returns for shareholders. Our unique insights and relationships in the start-up insurance intermediary space means we see the best quality new investment opportunities, and our expertise helps our portfolio companies fulfil their potential.

Brian Marsh OBEChairman

Strategy in action

Since inception B.P. Marsh has maintained an average compound annual increase in Net Asset Value (“NAV”) of over 12%.

Share price information

It is to be noted that the diluted NAV per share figure at 31 January 2024 is 626.9p (2023: 526.2p). Please refer to Note 10 within the Final Results for the year to 31 January 2024 as released on 11 June 2024.

Our portfolio

We currently hold investments in the following companies:

Ag Guard

Ag Guard is a Managing General Agency, which provides insurance to the Agricultural Sector, based in Sydney, Australia.

Ai Marine Risk

Ai Marine is a London-based Managing General Agency focusing on marine hull insurance.

Asia Reinsurance Brokers

ARB is an independent specialist reinsurance and insurance risk solutions provider based in Singapore.

ATC Insurance Solutions

ATC is a Managing General Agency and Lloyd’s Coverholder based in Melbourne specialising in Construction, Plant and Machinery, Cyber, Sports, Leisure and Events and Accident & Health.

Criterion Underwriting

Criterion is a Managing General Agency based in Singapore.

Denison and Partners

Denison and Partners Limited is a start-up London-based Lloyd’s Insurance Broker.

Devonshire Underwriting

Devonshire is a London-based Underwriting Agency, specialising in transactional risks encompassing Warranty & Indemnity, Specific Tax, and Legal Contingency Insurance.


Fiducia is a UK-based Managing General Agency and Lloyd’s Coverholder which specialising in the provision of insurance solutions across a number of Marine risks.

Lilley Plummer Risks

LPR is a London-based Lloyd’s Broker that provides a wide array of offerings in several diverse and niche areas.


Pantheon is an UK-based specialist insurance broker specialising in property, casualty, professional lines & reinsurance/delegated authority.


Sage is a U.S.-based provider of specialist insurance products to niche industries, such as Worker’s Compensation insurance.

Stewart Specialty

SSRU is an Underwriting Agency, based in Toronto, Canada that provides specialist insurance products to a wide array of clients.


Sterling is a specialist underwriting agency, as a Lloyd’s Coverholder, based in Australia which offers solutions for complex and hard to place risks in a variety of sectors.

Verve Risk Services

Verve is a London-based Managing General Agency specialising in Professional and Management Liability for the insurance industry.


XPT is a U.S.-based wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector.

Investment case





B.P. Marsh was founded in 1990 and has since invested in 57 companies. We have 15 investments in our current portfolio based in the UK and around the world.

Investment strategy

We take a long term view, with an average holding period of 7.3 years making an initial investment of up to £5m for minority equity positions (20-40% shareholdings).