Investee Company Update - Nexus Underwriting
24 February 2020
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 specialist investor in early stage financial services businesses, is delighted to announce that its investee company, Nexus Underwriting Management Limited ("Nexus") has launched a new Financial Lines division in Chicago, United States, under its newly formed entity, Nexus Specialty Inc. ("Nexus Specialty").
Nexus Specialty's Financial Lines division has A-Rated underwriting capacity, provided by Profession Solutions Insurance Company ("PSIC"), rated "A" (Excellent) by A.M. Best.
The new Financial Lines division will be led by Stacy Paquet, a highly regarded leader in the Management Liability sector in the United States. Ms. Paquet has over 15 years' experience in this sector of the insurance market and was previously President of Management Liability at OneBeacon Insurance Group, based in Chicago. Ms. Paquet has extensive distribution relationships, which will build on Nexus' successful, long-term presence in the Financial Lines space in the UK.
The Group holds an aggregate Nexus shareholding of 17.7% and has been invested since August 2014. Nexus is one of the largest independently owned Managing General Agencies in the UK insurance market, budgeting to write over £345m of Gross Written Premium across various specialty lines in the 2020 financial year, including Trade Credit, Marine and Aviation insurance. Nexus has eight overseas offices across Europe, America and Asia.
Adam Kembrooke, Chief Executive Officer and President, Nexus Specialty, Inc. said: "We have ambitious plans to grow in the specialty insurance market in the US and are committed to replicating the success Nexus Group has already had in the UK and Europe. As a Group, we were founded as a Financial Lines MGA and already have a tremendous reputation and track record in this sector - I am delighted to have Stacy join us and to have such a great carrier partner in PSIC to continue building on that success in the US."
Dan Topping, B.P. Marsh's Chief Investment Officer and Nominee Director on the Board of Nexus has said: "B.P. Marsh is pleased to announce that Nexus has further expanded its Financial Lines product offering with this addition in North America, further emphasising Nexus as a global specialty lines MGA."
For further information:
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B.P. Marsh & Partners Plc |
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Brian Marsh OBE / Harriett Osmond - Investor Relations |
+44 (0)20 7233 3112 |
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Nominated Adviser & Broker Panmure Gordon (UK) Limited |
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Atholl Tweedie / Charles Leigh-Pemberton / Ailsa Macmaster |
+44 (0)20 7886 2500
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Financial PR Tavistock Communications Limited Simon Hudson / Tim Pearson |
+44 (0)20 7920 3150 |
Notes to Editors:
B.P. Marsh's current portfolio contains seventeen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk .
Since formation over 25 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 approaching ten years.
Since its inception B.P. Marsh has delivered an average annual compound increase in NAV of over 10% and this remains one of the Group's core goals for future years.
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