B.P. Marsh & Partners PLC
27 February 2006
Date: 27 February 2006
On behalf of: B.P. Marsh & Partners Plc ('BP Marsh', 'The Marsh
Group' or 'the Company')
For immediate release
B.P. Marsh & Partners Plc
First Transaction Following AIM Flotation - Investee Company Raises £5.1m
B.P. Marsh & Partners Plc, a niche venture capital provider to early stage
financial services businesses (AIM: BPM), today announces its first transaction
following the Company's flotation on AIM on 2 February 2006.
Hyperion Insurance Group Limited ('Hyperion'), one of BP Marsh's investee
companies, has successfully completed an equity placing which raised £5.1
million of new capital to fund its ongoing growth plan. In the Admission
Document issued by BP Marsh on 2 February 2006, the fair market value of BP
Marsh's holding in Hyperion, as at 31 July 2005, is shown as £8,080,440.
BP Marsh, which exercised its pre-emption rights, participated in the placing by
way of the capitalisation of part of a loan (£1,429,661) which was due to be
repaid by Hyperion and maintains its shareholding in Hyperion at 27.9%. Murofo
Investments SLU, a Spanish Investment Company, becomes a new shareholder in
Hyperion taking a 14% stake. In addition, Luis Munoz-Rojas, director of Murofo,
joins the Hyperion Board.
Hyperion is one of the UK's fastest growing independent insurance groups and
yesterday announced the doubling of its profits by 94% to £4.03 million.
Hyperion intends to continue its record of organic growth through establishing
start up operations in new territories as well as actively seeking suitable
business operations to add to its group. Hyperion believes this additional
equity will provide sufficient finance for the group's immediate plans.
The Marsh Group first invested in Hyperion Insurance Group in 1994. The
Hyperion Insurance Group owns, amongst other things, Howden, a registered
Lloyd's insurance broker specialising in business critical risks including
directors' and officers' ('D&O') and professional indemnity ('PI') insurance.
In 1998, Hyperion set up Dual International, an insurance managing general
agency specialising in developing D&O and PI business in Europe. In 2000,
Hyperion established CFC Underwriting, a niche underwriting agency specialising
in cyber-liability and technology risks.
Commenting on the investment, Chairman Brian Marsh OBE, said:
'Over the last three years, Hyperion's revenues have trebled and profits have
grown by a compound annual rate of 42%, making Hyperion one of the fastest
growing independent insurance groups in the UK. BP Marsh has been a shareholder
in Hyperion for more than a decade and we are delighted to be able to continue
to support the Group's development.'
David Howden, Chief Executive of Hyperion Group, comments:
'Insurance is playing an increasingly critical role in helping businesses
protect their balance sheets as they face a greater range of risks. We see
tremendous opportunities for companies such as ours with the expertise and
agility to move quickly into new products and territories in order to respond to
these ever changing needs.'
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh, O.B.E. +44 (0)20 7730 2626
Redleaf Communications (PR to BP Marsh)
Emma Kane +44 (0)20 7955 1410
Rob Bain +44 (0)20 7955 1410
Spotlight (PR to Hyperion)
Sarah-Jayne Douglas +44 (0)1252 352399
Notes to Editors:
Additional information about BP Marsh and its management:
BP Marsh's current portfolio contains nine companies. More detailed descriptions
of the portfolio can be found at www.bpmarsh.co.uk.
Over the past 16 years, 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 three and a
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.
Managing Director, Natasha Dunbar, has over 10 years' experience in the
financial services industry. Having joined the Company in 1994 she was made
managing director in March 2002. Natasha is responsible for the day to day
running of all operational aspects of the business and works closely with Brian
Marsh in defining the strategic development of the Company.
Investment Director Stephen Crowther joined the Company in 1998. He has over 27
years' experience in the London insurance market, in both broking and
underwriting. He researches potential investments, advises investee businesses
and monitors their progress.
Francis de Zulueta is the Company's Development Director. With a wide-ranging
knowledge of the financial services market, he seeks out, researches and
evaluates potential new investments for BP Marsh. Following a 23-year broking
career with Willis Faber and Aon, among others, he took an active interest in
the mergers, acquisitions and venture capital business of Marsh McLennan.
Established in 1994 and headquartered in the City of London, the Hyperion
Insurance Group was ranked as one of the UK's fastest growing independent
companies in the 2005 Sunday Times Profit Track 100 and 15th in the Post
Magazine 2005 Top 20 City Brokers report.
The Group comprises 21 operations in 11countries employing over 300 people, and
operating through four distinct platforms - wholesale and retail broking,
underwriting and reinsurance.
This information is provided by RNS
The company news service from the London Stock Exchange