Acquisition

RNS Number : 5722U

B.P. Marsh & Partners PLC

03 December 2013

 

Date:                            3^rd December 2013

On behalf of:                 B. P. Marsh & Partners Plc ("B. P. Marsh", "the Company" or "the Group")

Immediate release

B.P. Marsh & Partners Plc

Investment in Walsingham Motor Insurance Limited

B. P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, 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 Walsinghamsaid:

"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."

For further information:

B.P. Marsh & Partners Plc                                                               www.bpmarsh.co.uk

Brian Marsh OBE / Camilla Kenyon                                                  [phone]

Nominated Adviser & Broker

Panmure Gordon

Fred Walsh / Charles Leigh-Pemberton / Atholl Tweedie                  [phone]

Notes to Editors:

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains eleven companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 20 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least four years.

Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.

Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 15 years' experience in the financial services industry. Jonathan currently has a number of non-executive appointments and evaluates new investment opportunities.

Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate Member of the Institute of Chartered Secretaries and Administrators (ACIS) having graduated from the University of Durham in 2005. Dan joined B.P. Marsh in February 2007 having started his career at an accountancy firm. In 2011 he was appointed as a director of B.P. Marsh and currently has a number of non-executive appointments over five investee companies and evaluates new investment opportunities.

Camilla Kenyon was appointed as Head of Investor Relations at B. P. Marsh in February 2009, having four years' prior experience with the Company. Camilla holds two non-executive appointments, is Chair of the New Business Committee and is a Member of the Investor Relations Society.

Natasha Dunbar has over 18 years' experience in the financial services industry. Having joined the Company in 1994 she was made managing director in March 2002, subsequently becoming a non-executive director of the Company in 2008, a position she held for five years. Natasha was reappointed as a Director in February 2013 and holds a non-executive appointment at one of the Group's investee companies.

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