B.P. Marsh reveals potential insurance deals
B.P. Marsh reveals potential insurance deals | Insurance Business Australia
Insurance News
B.P. Marsh reveals potential insurance deals
At least three opportunities currently under consideration
Insurance News
By
Terry Gangcuangco
B.P. Marsh & Partners Plc, which is part owner of more than 10 brokers and managing general agents, is currently considering at least three insurance deals.
In a London Stock Exchange filing, B.P. Marsh chief investment officer Daniel Topping said: “Current opportunities under consideration include, but are not limited to, the following: a start-up MGA/underwriting agency looking to specialise in underwriting marine lines; an established broker that specialises in insurance for high net worth clients and fine art & specie lines; and a specialist Lloyd’s start-up broker.
“In view of the group’s favourable cash position, we remain prepared to take advantage of opportunities emanating from the financial services industry generally and the insurance market specifically.”
With the exception of independent financial adviser LEBC, B.P. Marsh’s investments are in the insurance intermediary space. According to the specialist investor, it has equity interests in the following companies:
Company
Jurisdiction
Equity % at January 31, 2023
Ag Guard PTY Limited
Australia
41%
Asia Reinsurance Brokers (Pte) Limited
Singapore
25%
ATC Insurance Solutions PTY Limited
Australia
25.6%
CBC UK Limited
UK
47.1%
Denison and Partners Limited
UK
40%
The Fiducia MGA Company Limited
UK
35.2%
LEBC Holdings Limited
UK
59.3%
Lilley Plummer Risks Limited
UK
30%
Sage Program Underwriters, Inc.
US
30%
Sterling Insurance PTY Limited
Australia
19.7%
Stewart Specialty Risk Underwriting Ltd
Canada
30%
XPT Group LLC
US
28.5%
Insurance Business excluded Criterion Underwriting (Pte) Limited, which is not trading at present, and Kentro Capital Limited, which recently got sold to Brown & Brown, Inc. Meanwhile, in April, B.P. Marsh acquired a 35% cumulative preferred ordinary shareholding in London-based MGA Verve Risk Services Limited.
In the year ended January 31, 2023, B.P. Marsh’s profit on ordinary activities after taxation attributable to equity holders grew 36.4% to £23.8 million.
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