by B.P. Marsh | Mar 5, 2020 | Uncategorised
B.P.
Marsh, the specialist investor in early stage financial services businesses, is
pleased to provide an update on its Canadian Investment, Stewart Specialty Risk
Underwriting Limited (“SSRU”).
SSRU
is the provider of specialty insurance products to a wide array of clients with
severe exposures in the Construction, Manufacturing, Natural Resources, Public
Entity and Transportation sectors. SSRU commenced operations in February 2017.
For
the year ended 31 December 2019, SSRU wrote Gross Written Premium of CA$10.8m
and is primed to enter its next stage of growth.
Part
of this growth has seen SSRU establish a new Property Department, which went
live in December 2019. SSRU have capacity of CA$15m and now provide a variety
of primary and excess Property products tailored to individual clients in the
Natural Resources, Complex Commercial and Construction segments.
As
part of this new offering, SSRU has announced the appointment of Heather
Jamieson as Vice President of SSRU’s Property division. Having worked in the
Insurance industry for more than a decade, Heather joins SSRU to head their new
Property division. Her experience includes positions of increasing
responsibility at Allianz and Zurich in Canada where she specialised in Mining,
Power Generation and Oil & Gas business.
SSRU
have also made a number of other senior appointments for the next phase of its
growth. Peter Lee has been appointed as
Vice President of Casualty, joining SSRU with over 25 years’ experience, having
spent most of his career dealing with complex commercial casualty business as
both an underwriter and a broker, most notably with ACE INA Insurance and
Northbridge Insurance. SSRU have also promoted Victor Ip, to be Senior Vice
President of Casualty. Victor has been with SSRU since formation and has been a
central part of SSRU’s past and on-going success. Georgiana
Pasca has also been promoted to Chief Financial Officer, having been with SSRU
since formation. She has played a key role in ensuring stability as the company
grows through the development and implementation of financial and operational
processes and controls. Georgiana holds
a master’s degree in international finance and a CRM designation.
Commenting
on this development, SSRU’s President and CEO Stephen Stewart stated:
“The appointment of Heather Jamieson, alongside the establishment of a
new Property facility, strengthens and develops SSRU’s capabilities at an
important time in SSRU’s development.
The business has grown steadily since formation and it has always been
our intention to substantially develop SSRU, alongside our investment partners,
B.P. Marsh, over the next five years. The
appointment and promotions form a central part of our growth plans.”
Commenting
on the Canadian insurance market, Stephen Stewart added:
“The
Canadian insurance market differs in many respects from its American
counterpart. While its economy is closely integrated with that of the United
States, the Canadian legal climate is very different, providing for much lower
indemnity judgments with a virtual absence of punitive and general damage
awards. This produces a less volatile
and more consistently profitable result for Casualty lines.
“The Canadian Property
insurance environment is markedly less exposed to natural catastrophe than its
American neighbour and the market is currently experiencing severe rate
hardening. This hardening is
contributing to a much-needed correction to its premium base. Climate change will undoubtedly create a
greater frequency and severity of natural catastrophe exposure in both the USA
and Canada.
“With less relative
exposure, increasing rates and a favourable regulatory environment, the
Canadian market is well positioned to face these challenges and provide
stability for future renewal cycles.”
Daniel
Topping, Chief Investment Officer of the Group commented:
“Since
SSRU commenced writing business in February 2017, SSRU has grown to
Gross Written Premium of over CA$10m. This is an excellent achievement by the
SSRU team and we look forward to further supporting their growth over the
coming years.”
Brian
Marsh, Chairman of the Group commented:
“Our
backing of Stephen Stewart and his colleagues at SSRU demonstrates both our
long term investment approach and our ability to identify and support
outstanding management teams. Stephen
and his team members deserve congratulations and thanks from B.P. Marsh for
this very sturdy performance.”
by B.P. Marsh | Feb 20, 2020 | Uncategorised
B.P. Marsh & Partners Plc is pleased to note that its investee company Nexus Underwriting Management Limited (“Nexus”), has been ranked at number 78 in The Sunday Times International Track 200 league table, which ranks Britain’s 200 mid-market private companies in order of fastest growing international sales.
This is a prestigious group of fast growing companies across all sectors of UK business. Nexus has eight overseas offices across Europe, America and Asia. Nexus increased its international sales to £7.6m for its year ended 31st December 2018, a significant increase from £3.2m for their year ended 31st December 2016.
The Group holds an aggregate Nexus shareholding of 17.7% and has been invested since August 2014. Nexus is one of the largest independently owned Managing General Agencies in the UK insurance market, budgeting to write over £345m of Gross Written Premium across various specialty lines in the 2020 financial year.
Dan Topping, B.P. Marsh’s Chief Investment Officer and Nominee Director on the Board of Nexus has said: “B.P. Marsh is pleased to note this accolade for Nexus, which is a testimony to Nexus’ ability to deliver strong growth in international sales and expand their global footprint.”
by B.P. Marsh | Jul 6, 2018 | Uncategorised
B.P. Marsh & Partners Plc (AIM: BPM), the specialist venture capital investor in early stage financial services businesses, is pleased to announce the results of the General Meeting in respect of the Placing of new Ordinary Shares to a new investor in the Company (the “Investor”), an entity in the PSC Insurance Group, to raise £15.5 million for the Company, and additional Open Offer of up to £1.5 million, at an Issue Price of 252 pence per new Ordinary Share, which was announced to the market on 12 June 2018 (the “Placing Announcement”), and the results of the Open Offer.
Click here for more information.
by B.P. Marsh | Mar 10, 2018 | Investment Case Study, Uncategorised
In December 2017 the Group acquired a 20% stake in EC3 Brokers Limited (‘EC3’)
EC3 is an independent specialist Lloyd’s (re)insurance broker which provides services to a wide array of clients across a number of sectors, with a focus in the US, UK and Middle Eastern markets;
This provided the Group with the opportunity to invest in a well-established Lloyd’s broker with growth potential;
As part of this transaction, a major shareholder exited the business.
by B.P. Marsh | Sep 6, 2017 | Uncategorised
The Board of B.P. Marsh & Partners Plc, the venture capital provider to early stage financial services businesses (AIM: BPM), is pleased to announce the appointment of Nicholas Granville Walker as a Non-Executive Director and member of the Remuneration Committee and Audit Committee with immediate effect.
Nick Walker, aged 56, has over 30 years’ experience in the Financial Services sector, beginning his career at the Bank of America International in the European M&A Group where he was an Analyst and later became appointed as Vice President. In 1988 he moved to Citicorp Investment Bank Limited as Vice President and Country Head of its Spanish M&A Team. Nicholas left Citicorp in 1991 to set up Socios Financieros S.A. Based in Madrid, Socios Financieros is one of Spain’s leading independent corporate finance firms and has undertaken in excess of 250 transactions during its 26 years since formation.
The Board considers that Nick Walker’s long track record in European and international M&A will bring additional depth to the Group and provide an excellent resource for the Management team and looks forward to his contribution.
Commenting on the appointment, Brian Marsh OBE, Chairman of B.P. Marsh, said:
“I am very pleased to welcome Nick to the Board; as well as offering his wide-ranging experience of European M&A markets we are confident that he will also provide a fresh perspective to the Board as the Company grows and develops its global outlook.”
On his appointment Nick said: “I am very much looking forward to increasing my involvement with B.P. Marsh, having worked together over recent years in relation to its investment in Summa, culminating in my appointment to the Summa Board in February of this year. I hope to be able to contribute additional expertise to the B.P. Marsh Board in particular in relation to any potential disposal opportunities and expansion plans.”
by B.P. Marsh | Jun 21, 2017 | Uncategorised
[wp_charts title="mypie" type="pie" align="alignright" margin="5px 20px" data="10,32,50,25,5"]
[wp_charts title="barchart" type="bar" align="alignleft" margin="5px 20px"
datasets="2.5,4.77,22.10,40.61,44.17,55.50,56.90,58.92,59.84,62.97,65.50,70.80,73.80,79.70" colors="#677AA2,#002060" labels="31/1/90,31/1/95,31/1/05,31/1/07,31/1/10,31/1/13,31/7/13,31/1/14,31/7/14,31/1/15,31/7/15,31/1/16,31/7/16,31/1/17" scaleoverride="true" scalesteps="8.5" scalestepwidth="10" scalestartvalue="0" scaleFontSize="20" canvaswidth="920px" canvasheight="460px" relativewidth="2" width="920px" height="500px"]
Recent Comments