Investee Co. Update - Nexus Underwriting Mgt Ltd

RNS Number : 4259J

B.P. Marsh & Partners PLC

17 December 2015

 

Date:                            17^th December 2015

On behalf of:                 B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

Investee Company Update - Nexus Underwriting Management Limited

B.P. Marsh & Partners Plc (AIM:  BPM), the niche venture capital provider to early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited ("Nexus") has announced today that it has completed the acquisition of Millstream Underwriting Limited ("Millstream"), utilising the funds provided to Nexus by B.P. Marsh & Partners Plc.  

Millstream is a London Market based Managing General Agency ("MGA") that specialises in underwriting and managing of travel, personal accident and sickness insurance programs, primarily in the corporate sector.

Millstream was appointed Hiscox Insurance preferred travel insurance provider in 2011, and since then Millstream has provided sales, administrative and claims support to Hiscox Insurance underwriting their Annual Travel Insurance policy. Millstream has also been the preferred supplier of travel insurance for Wesleyan Assurance since 2001.

Following the transaction, its second of the year, Nexus has further underpinned its position as one of the largest independent specialty MGAs in the London Market, and its pro forma forecast Premium Income for 2016 is in excess of US$200m.

Nexus Group Chairman Colin Thompson stated "We are reshaping the MGA landscape, whereby most MGAs are mono-line we look to create a virtual insurance company. This second acquisition complements the recently acquired underwriting operation of EBA and is all part of a planned drive to deliver a multi-product, specialty niche and independent MGA."

Martin Mills, who will become the Non-Executive Chairman of the new Nexus division, said: "This is a very exciting next chapter in the development of a company that I founded over 20 years ago now, and to have access to the Nexus distribution base will offer us extensive opportunities to grow the account. I am very pleased to have found such an entrepreneurial company to join and I am looking to seeing what we can achieve together."

Daniel Topping, the Company's nominee director on the Board of Nexus commented "The acquisition of Millstream further demonstrates Nexus' ambitious growth strategy. As shown by the   provision of further financing, B.P. Marsh is confident of Nexus' growth potential and success going forward."

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 fourteen 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 five 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 17 years' experience in the financial services industry. Jonathan advises investee companies and has a number of non-executive appointments over four investee companies and evaluates new investment opportunities.

Daniel Topping is a Member of the Chartered Institute of Securities and Investment (MCSI) and an Associate 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 seven 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 has a number of nominee directorships over one investee company, is Chair of the New Business Committee and is a Member of the Investor Relations Society.

Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman's Office.

 

END

 

 

MSCGGGMCPUPAGGM