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Growth, maturity and a vision for success: B.P. Marsh & Partners PLC is a specialist private equity investor in early stage financial services business and will consider investment opportunities based in the United Kingdom, Europe, North America and Internationally.
B.P. Marsh & Partners PLC Reporting Timetable
Trading UpdateFebruary 2023
Annual Results AnnouncementTuesday 13th June 2023
Annual General MeetingWednesday 26th July 2023
Trading UpdateSeptember 2023
Interim Results AnnouncementTuesday 17th October 2023

It is to be noted that the updated NAV per share figure is calculated on the basis of the Company’s enlarged issued share capital figure excluding the 1,443,147 shares held under the JSOP arrangements (announced on 13 June 2018) as these are currently non-dilutive. The diluted Net Asset Value per share is 556.3p including shares held within an Employee Benefit Trust which have met certain performance criteria but have not yet vested.

Our Investment Portfolio: We have been successfully investing in financial companies since 1990 and have invested in over 50 companies. We currently hold investments in the following companies:

Ag Guard PTY Limited

In July 2019 the Group subscribed for a 36% stake in Agri Services Company PTY Limited, which in turn acquired 100% of the equity in Ag Guard PTY Limited (“Ag Guard”).

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

For further information please go to:

Recent News

Investment in Ag Guard

Asia Reinsurance Brokers Pte Limited

In April 2016 the Group invested in Asia Reinsurance Brokers Pte Limited, the Singapore headquartered independent specialist reinsurance and insurance risk solutions provider. 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.

For further information please go to:

Recent News

Investment in ARB

LEBC Holdings Limited

In April 2007 the Group invested in LEBC, an Independent Financial Advisory company providing expert financial advice to individuals, corporations and partnerships, principally in corporate pensions and risk benefits, personal retirement planning and investment. LEBC was established in 2000 with four branches and now has a network of branches throughout the UK. LEBC is a national company providing expert, and independent financial advice to all its clients. In August 2023, the trading assets and personnel of LEBC Group Limited, a fully owned subsidiary of LEBC was transferred to Aspira Corporate Solutions Limited, its sister company, bringing together the two business under one brand.

For further information please go to:

Recent News

Update - August 2023

Update - January 2022

Annual Results to 31 September 2018 - December 2018

Half Year Results to 31 March 2018 - June 2018

Acquisition of Aspira Corporate Solutions Ltd - December 2017

Further Investment in LEBC - July 2017

Further Investment in LEBC - June 2016

Investment in LEBC

ATC Insurance Solutions PTY Limited

In July 2018 the Group invested in ATC Insurance Solutions, the Melbourne headquartered MGA and Lloyd’s Coverholder. Established in 2006 by Chris Anderson, CEO, ATC specialises in Accident & Health, Construction & Engineering, Trade Pack, Sports and, since 31 August 2021 via its subsidiary MB Prestige Holdings PTY Limited, niche motor insurance.

For further information please go to:

Recent News

ATC acquisition of MB Prestige Holdings PTY Limited  - September 2021
ATC Update - January 2021
Investment in ATC

CBC UK Limited

In February 2017  the Group subscribed for a 35% stake in Paladin NewCo Limited, which in turn acquired 100% of the equity in CBC UK Limited (“CBC”).

Established in 1985, CBC is a Retail and Wholesale Lloyd’s Insurance Broker, offering a wide range of services to commercial and personal clients as well as broking solutions to intermediaries. The Group assisted in an MBO of CBC allowing Management to buy out a major shareholder.

For further information please go to:

Recent News

Refinancing with Coutts - October 2021

Investment into PBS

Investment in CBC

Criterion Underwriting

In July 2018 the Group invested in Criterion Underwriting (Pte) Limited (“Criterion”), a start-up Singapore based MGA, alongside the Group’s current partners in Asia Re Holding (Pte) Ltd & Asia Reinsurance Brokers (Pte) Ltd. Criterion provides specialist insurance products to a wide variety of clients in the Cyber, Financial Lines and Marines sectors in Far East Asia. Criterion’s Management team is led by CEO Jonathan Ranger, who has over 25 years of experience in the insurance industry.  Prior to establishing Criterion, Jonathan worked in a number of senior management roles at Munich Re and Swiss Re in Singapore.

For further information please go to:

Denison and Partners Limited

In March 2022 the Group subscribed for a 40% stake in Denison and Partners Limited (“Denison and Partners”), a start-up London-based Lloyd’s Insurance Broker, established by Alasdair Ritchie. Denison and Partners focusses on delivering (re)insurance delegated authority solutions and services to MGA’s, Coverholders and (re)insurers.

Before establishing Denison and Partners, Alasdair Ritchie had been at BMS Group Limited for 9 years and has been a long time contact of the Company.

In June 2023, Denison and Partners was acquired by Pantheon Specialty Limited.

For further information please go to:

Recent News

Denison and Partners Update - Acquisition by Pantheon Specialty

Investment in Denison and Partners

The Fiducia MGA Company Limited

In November 2016, the Group invested in a recently established UK Marine Cargo Underwriting Agency. Established by its CEO Gerry Sheehy, Fiducia is a registered Lloyd’s Coverholder which specialises in the provision of insurance solutions across a number of Marine risks including, Cargo, Transit Liability, Engineering and Terrorism Insurance.  Gerry was a founding shareholder and Executive Director of Northern Marine Underwriters (“NMU”) and played a pivotal role in building that business up significantly before his departure in September 2015.

For further information please go to:

Recent News

Fiducia Update - September 2021

Investment in Fiducia

Lilley Plummer Risks Limited

In October 2019, the Group invested into the newly formed specialist marine Lloyd’s broker, Lilley Plummer Risks Limited (“Lilley Plummer”). Established by Stuart Lilley and Dan Plummer in 2019, Lilley Plummer provides products across the marine Insurance market.

Stuart Lilley and Dan Plummer have over two decades of experience in the London and International marine market. Prior to founding Lilley Plummer, Stuart and Dan established the London market marine operation for a large international (Re)Insurance broking business, having worked within the marine market at other specialist insurance brokers.

For further information, please go to:

Recent News

Lilley Plummer Risks Update - November 2020

Investment in Lilley Plummer Risks

Pantheon Specialty Limited

In June 2023, the Group subscribed for a 25% stake in Pantheon Specialty Limited (“Pantheon”) a holding company established in partnership with Robert Dowman. Pantheon acquired 100% of the share capital of the established Lloyd’s broker, Denison And Partners Limited, another of the Group’s portfolio companies.

Robert Dowman has over 30 years of experience in the insurance industry, being seen as a leading London Market Casualty broker, specialising in the larger more complex liability placements across the world, whether that be on a facultative or programme basis. With the support of B.P. Marsh, Robert Dowman is looking to build a market leading independent specialist broker, across multiple markets. 

Recent News

Investment in Pantheon

Sage Program Underwriters, Inc

In June 2020, the Group subscribed for a 30% stake in Sage Program Underwriters, Inc (“Sage”). 

Sage is a  US based provider of specialist insurance products to niche industries, initially providing Worker’s Compensation insurance to the ground delivery and field sport sectors. Sage was founded by Chuck Holdren in 2019 and is based in Bend, Oregon.

For further information, please go to:

Recent News

Investment in Sage

Stewart Specialty Risk Underwriting Ltd

In January 2017, the Group invested in a recently established Specialty Casualty Underwriting Agency, based in Toronto, Canada. Established in 2016, by its CEO Stephen Stewart, SSRU provides specialist insurance products to a wide array of clients in the Construction, Manufacturing, Onshore Energy, Public Entity and Transportation sectors. SSRU’s CEO, Stephen Stewart, has over 25 years’ experience in the insurance industry. Prior to establishing SSRU, Stephen worked in a number of senior management roles at both Ironshore and Lombard in Canada. At Ironshore he was pivotal in developing and executing the strategy for launching the Canadian Specialty Property and Casualty division.

For further information please go to:

Recent News

SSRU Update - August 2021

SSRU Update - March 2021

SSRU Update - March 2020

Investment in SSRU

Neutral Bay Investments Limited

In June 2013 the Group invested in Neutral Bay Investments Ltd, which in turn acquired a 39.47% stake in Sterling Insurance PTY Limited (“Sterling”). Sterling is one of Australia’s leading specialist underwriting agencies.  It specialises in niche hard-to-place & complex risks.

Sterling leverages its status as a Lloyd’s Coverholder alongside its strong local connections to provide Australian insurance brokers access to domestic and international insurance markets.

The core team at Sterling operated as Sterling Insurance Brokers in the 1980’s & early 1990’s before being acquired by Heath Lambert.  The team evolved their product offering to include other industries/sectors such as Railway, Mining & Engineering risks, and Professional Indemnity. In 2008 Sterling Insurance PTY Ltd was created as a result of a management buyout.

For further information please go to:

Recent News

Investment in Sterling

Verve Risk Services Limited

In April 2023, the Group subscribed for a 35% stake in Verve Risk Services Limited (“Verve”) a London based Managing General Agency specialising in Professional and Management Liability for the insurance industry. Established by Scott Simmons and Alan Lambert as Verve Risk Partners LLP, Verve operates in the USA, Canada, Bermuda, Cayman Islands and Barbados.

Both Scott and Alan have over 20 years’ experience in the insurance industry.

Recent News

Investment in Verve


In June 2017, the Group invested $6,000,000 for a 35% shareholding in the U.S. based specialty lines insurance distribution company, XPT.

The Group invested in XPT, through its wholly owned subsidiary company, B.P. Marsh (North America) Ltd. The Group backed the ex-Swett & Crawford CEO Tom Ruggieri and a strong management team to develop a wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector.

Since XPT was established, it has made three acquisitions. Western Security Surplus Insurance Brokers, is a Wholesale Broker and Managing General Agency, which specialises in Property & Casualty insurance. W.E. Love & Associates, is a Managing General Agency which specialises in Trucking Liability and Physical Damage & Motor Truck Cargo. SVA Underwriting Services is a Managing General Agency and Lloyd's Coverholder which specialises in Physical Damage and Cargo cover for the Trucking Insurance sector

For further information please go to:

Recent News

Acquisition of CAL and funding - February 2023

Acquisition of S&H and fund-raising - October 2021

Acquisition of IPC - January 2021

Acquisition of Houston Surplus Lines - August 2020

Acquisition of LP Risk, Inc - April 2020

Fundraising & Acquisition of Sierra Specialty - September 2019

Acquisition of SVA Underwriting Services - January 2019

Acquisition of W.E. Love - January 2018

Acquisition of WSS - November 2017

Investment in XPT