Subscription for a further Investment in Nexus
Date: 7th 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")
Further Investment in 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 announce that it has subscribed for a further investment in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency ("MGA"), for a total consideration of £1,470,000.
B.P. Marsh has subscribed for 111,850 new Preferred Ordinary shares of Nexus, with this further investment taking B.P. Marsh's shareholding in Nexus to 13.7%, for an aggregate consideration of £4,570,000.
Nexus is one of the largest independent specialty MGAs in the London Market with a pro forma forecast Premium Income in excess of £100m for 2015. It operates across the major insurance sectors, including Financial Lines, Trade Credit & Political Risk, Accident & Health, Surety and Life and various other niche areas of insurance, where its specialist skills come to the fore.
The Group has provided this finance in connection with a proposed acquisition by Nexus, in line with the Group's strategy to increase its shareholding over time in support of Nexus's growth aspirations. The Company will announce further details of this transaction in due course.
Additionally, this investment has also allowed Nexus to acquire shares from certain members of Nexus' management team, allowing long standing employees to realise a proportion of their holding.
Nexus Group Chairman Colin Thompson stated "We are delighted to receive this additional tranche of funding which will in part assist in funding our second acquisition of 2015. Over a relatively short period of time, we have developed a true partnership with BP Marsh and look forward to working with them in the future as we push ahead in continuing to build a business that is reshaping the MGA landscape in the UK."
Daniel Topping, the Company's nominee director on the Board of Nexus commented "We are pleased to conclude this further round of funding, in support of Nexus's acquisitive growth strategy. Furthermore it enabled Nexus to provide assistance to certain longstanding Directors by helping them realise part of their shareholding."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Fred Walsh / Charles Leigh-Pemberton / Atholl Tweedie +44 (0)20 7886 2500
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.
This information is provided by RNS
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