Investee Company Update - Besso Insurance Group
Date: 3rd June 2013
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", "the Company" or "the Group")
Immediate release
B.P. Marsh & Partners Plc
Investee Company Update
B. P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that Besso Insurance Group Limited ("Besso") in which it owns a 36.48% shareholding , is further developing its platform in Turkey following the acquisition of Istanbul based Insurance and Reinsurance broker HSB Sigorta ve Reasurans Brokerligi Ltd ("HSB").
HSB was founded in 2007 by Halden Soyer, and is a specialist aviation broker based in Istanbul. The company will be rebranded as Besso Sigorta ve Reasurans Brokerligi Ltd.
As the Company has often stated, it is committed to supporting its investee companies and has therefore facilitated this acquisition by Besso through the provision of a loan facility.
Colin Bird, CEO and Chairman of Besso said:
"HSB has a fantastic reputation in the market and I am extremely pleased to welcome HSB to the Besso team.
This acquisition is an exciting and significant step in our growth strategy. It is part of our overall Group Strategy to make value accretive acquisitions of teams and companies over the coming years, with the support of B.P. Marsh & Partners Plc. It follows the recent restructure of our business and the acquisition really represents the strength of our business platform."
Commenting on the expansion into Turkey, Brian Marsh OBE, Chairman of B.P. Marsh said:
"We are much encouraged by Besso's strengthening of its position in the overseas markets, of which this represents a significant step."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Hugh Morgan / Fred Walsh +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains nine 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 advises investee companies through three non-executive board appointments 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 four 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 non-executive appointments at three of the Group's investee companies.
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This information is provided by RNS
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