Trading Update
Summary by AI BETAClose X
22 September 2026
B.P. Marsh & Partners Plc
(“B.P. Marsh”, the “Company” or the “Group”)
"Growth across the portfolio maintained as a softening market creates opportunity"
Trading Update
B.P. Marsh & Partners Plc (AIM: BPM), the specialist private equity investor in early-stage financial services businesses, is pleased to provide an update on trading for the six months ended 31 July 2026 (the “Period”).
Highlights
- Continued portfolio growth and strong underlying performance during the Period:
○ Three new investments completed across specialist sectors of the financial services space, alongside one disposal
○ Follow-on investment in Pantheon Specialty Group Limited, increasing the Group’s shareholding from 39.0% to 41.0%
- Robust pipeline of new opportunities, supported by attractive market conditions, with 45 new business enquiries received (31 July 2025: 32)
- Continued share buy-back activity under a new programme launched following the Company’s Annual General Meeting
New Investments
During the Period, the Group announced three new investments:
Ventura Risk Partners Holdings Limited (“Ventura”) (March 2026):
The Group acquired a 25.0% shareholding in Ventura, a newly formed, London-based insurance broker specialising in the placement of energy risks into the Lloyd’s and wider London insurance markets.
Nine Edge Wealth Limited (“Nine Edge”) (March 2026):
The Group acquired a 30.0% shareholding in Nine Edge, a newly established, UK-based independent financial advice business.
Autonomy Investment Partners LLC (“Autonomy”) (June 2026):
The Group invested US$5.2m for a 17.9% preferred interest in Autonomy, a US investment vehicle established in partnership with XPT Group LLC’s senior management and BharCap Partners LLC, a Connecticut-based private equity firm with over US$2bn of capital under management.
Disposals
During the Period, the Group announced the completion of one disposal:
Amiga Specialty Holdings Limited (“Amiga”) (March 2026)
The Group completed the sale of its 39.2% shareholding in Amiga to Sodalis Capital Limited, a fellow B.P. Marsh portfolio company, receiving £0.7m in cash consideration and full repayment of its £1.8m loan facility. The transaction generated an Internal Rate of Return of 111.9%. The Group retains a 25.5% interest in the enlarged Sodalis group and its pro rata entitlement to any deferred consideration, subject to performance conditions through 2027 and 2028.
Follow-On Funding
Pantheon Specialty Group Limited (“Pantheon”) (April 26):
In April 2026, the Group acquired a further 2.0% Cumulative Preferred Ordinary equity stake in Pantheon from members of Pantheon’s management team for a cash consideration of £5.5m, based on an equity valuation of £275.0m, increasing the Group’s total shareholding from 39.0% to 41.0%.
Pantheon has established itself as a high-quality, scalable specialty broking platform, underpinned by an experienced leadership team and long-standing relationships with global brokers, MGAs and carriers.
Pantheon has delivered strong growth since launch in 2023, developing from an initial focus on Global Casualty and Professional Lines into a full-service London market wholesale insurance broker, with specialisms spanning across Marine, Global Property, Innovation & Technology and Delegated Authorities.
Revenue is budgeted to approach £27.7m in the 2026 financial year, up from c.£23.8m in 2025. Margins remain strong and the business continues to generate significant cash, supporting further reinvestment and growth.
Other Investee Company Highlights
ATC Insurance Solutions Pty Ltd (“ATC”):
ATC continues to pursue its growth and diversification strategy through the acquisition of a London and Sydney-based insurance intermediary, Frontier Global UW Limited (“Frontier”), comprising a Financial Lines MGA and complementary wholesale broking business.
The acquisition marks a strategic expansion for ATC, establishing a London market presence, strengthening its international underwriting capabilities and deepening its presence across Financial Lines across the world.
Sodalis Capital Limited ("Sodalis"):
Sodalis continues to execute its buy-and-build strategy at pace since the Group's investment in November 2025, adding both an underwriting platform and a specialist broking operation within its first year of trading.
In March 2026, Sodalis acquired the entire issued share capital of Amiga Specialty and launched Brecon Specialty Limited, a newly formed London-based wholesale insurance broker focused on Cyber and Technology Errors & Omissions risks globally. Brecon Specialty is led by Chief Executive Officer David Rees and a team of fourteen experienced professionals.
Verve Risk Services Limited (“Verve”):
Post-period end, Verve continued to expand its underwriting capabilities through the addition of two new specialist underwriting teams. The first establishes a dedicated US and International Financial Institutions offering, extending Verve’s existing underwriting capabilities across Professional Liability, Directors & Officers, Crime and Employment Practices Liability into the Financial Institutions sector. The second expands Verve’s existing US Errors & Omissions business through the addition of a specialist underwriting capability focused on US Professional Liability risks for Lawyers, Architects & Engineers and Accountants. Building on Verve’s established presence in US E&O, these new hires bring additional expertise, broker relationships and access to a broader range of larger and more complex US risks, materially increasing Verve’s capabilities and distribution within the class.
New Business Opportunities
The Group continues to see strong levels of inbound interest, receiving 45 new business enquiries during the Period (31 July 2025: 32). This sustained origination activity reflects the continued appeal of the Group’s partnership-led approach and deep sector expertise to high-quality management teams across its target markets, as well as the strength of the Group’s reputation and brand.
Liquidity and Loan Portfolio
Group funds were £37.4m as at 31 July 2026 (31 January 2026: £49.5m) and the Group remains debt-free.
The movement since 31 January 2026 reflects continued capital deployment and shareholder returns, including £9.8m of new and follow-on equity investments, £18.1m of portfolio loans, £13.0m of dividends and £1.2m of share buy-backs, offset by £20.7m of equity proceeds, including deferred consideration, and £10.1m of loan repayments. The Board remains comfortable that the Group has sufficient resources to support the existing portfolio, pursue its current pipeline of opportunities and reward shareholders.
The Group’s loan portfolio balance increased to £46.9m at 31 July 2026, up from £38.8m at 31 January 2026, reflecting further drawdowns to support both new and existing portfolio companies. The average interest rate charged on the loan portfolio as at 31 July 2026 was 8.3%.
Dividend and Share Buy-Back Programme
In line with its previously announced capital allocation policy, during the Period the Company paid total dividends of £13.0m (36.29p per share) to shareholders, comprising:
● an interim dividend of 6.98p per ordinary share (£2.5m in aggregate), paid in February 2026;
● a special dividend of 22.33p per ordinary share (£8.0m in aggregate), paid in March 2026, following receipt of initial consideration from the disposal of Stewart Specialty Risk Underwriting Limited in December 2025; and
● a final dividend of 6.98p per ordinary share (£2.5m in aggregate), paid on 31 July 2026, following approval by shareholders at the Company’s Annual General Meeting held on 8 July 2026.
As announced on 16 April 2026, the Company intends to pay a minimum of £7.0m of dividends in the year to 31 January 2028, comprising an interim and final dividend totalling £5.0m and a £2.0m special dividend.
Following the conclusion of the Annual General Meeting, the Company launched a new share buy-back programme on 8 July 2026, replacing the programme announced on 26 March 2026. Under the new programme, the Company has repurchased a further 120,000 shares, which are held in treasury, at an average price of 677p per share prior to the Period end.
Insurance Market Outlook
The Group continually monitors key trends across the wider risk transfer market, particularly premium rate developments and M&A activity. According to the Global Insurance Market Index published by Marsh Limited (“Marsh”), global commercial insurance rates declined by 6% in the second quarter of 2026, following a 5% reduction in the first quarter and marking the eighth consecutive quarter of declining rates.
By product line, global property rates declined by 12%, while casualty rates increased by 2%, including a 7% increase in the US. Financial and professional lines rates declined by 3% globally, while overall UK commercial insurance rates fell by 8%. The Group’s focus on specialist and niche areas of the insurance market provides some resilience to broader rating pressures. The Group considers the current softening to be cyclical, with competition increasingly reflected through broader coverage and higher limits, as well as headline pricing.
Consolidation across the insurance market continued through 2026, albeit at a more measured pace. During the first half of the year, 41 M&A transactions were announced across the UK insurance distribution sector, with specialist businesses accounting for more than a quarter of activity and private equity supporting 41% of transactions. The Group continues to view consolidation as a source of opportunity, as entrepreneurial teams seek to establish or grow independent platforms, creating potential for both new investments and opportunities within the existing portfolio.
The Group continues to monitor the impact of artificial intelligence on the insurance industry and views AI as a net enabler, supporting greater automation and improved data management while allowing brokers, underwriters and advisers to focus on client relationships and judgement-led work.
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For further information on B.P. Marsh, its strategy and current portfolio, please visit www.bpmarsh.co.uk or contact:
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B.P. Marsh & Partners Plc Daniel Topping / Alice Foulk |
+44 (0)20 7233 3112 |
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Nominated Adviser & Joint Corporate Broker: Singer Capital Markets Advisory LLP Charles Leigh-Pemberton / Peter Steel / James Todd |
+44 (0)20 7496 3000 |
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Joint Corporate Broker: Investec Bank plc Christopher Baird / Gordon Hamilton |
+44 (0)20 7597 5970 |
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Financial PR & Investor Relations: Tavistock Simon Hudson / Katie Hopkins / Kuba Stawiski |
+44 (0)20 7920 3150 |
Forward-looking statements
This announcement may include statements, beliefs or opinions that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “targets”, “aims”, “continues”, “expects”, “intends”, “hopes”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. No representation or warranty is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements contained in the announcement speak only as of their respective dates, reflect B.P. Marsh’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to B.P. Marsh’s business, results of operations, financial position, liquidity, prospects, growth and strategies.
Except as required by any applicable law or regulation, B.P. Marsh expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement or any other forward-looking statements it may make whether as a result of new information, future developments or otherwise.
- Ends -
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