TIDMBPM
RNS Number : 5080I
B.P. Marsh & Partners PLC
19 June 2017
Date: 19(th) June 2017
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the
"Company" or the "Group")
For immediate release
B.P. Marsh & Partners Plc
Investment in North America
As announced by the Company on 13(th) June 2017, B.P. Marsh
& Partners Plc (AIM:BPM) has invested $6,000,000 into a New
York based specialty lines insurance distribution company.
Following recent press speculation, the Company is pleased to
announce further details concerning this new venture.
B.P. Marsh has subscribed for a 35% shareholding in the New York
based XPT Group LLC ("XPT"), through its wholly owned subsidiary
company, B.P. Marsh (North America) Ltd. XPT is a newly established
operation which is in active discussions with a number of parties
over potential minority or majority investments into established
entities in the US wholesale insurance arena. XPT plans to make one
or two US-based acquisitions over the remaining months of this
year.
The management team at XPT is a line-up of industry veterans,
including Tom Ruggieri, formerly of Marsh, Advisen and Swett &
Crawford and Mark Smith, former president and CEO of Stewart Smith,
the US wholesaler which was sold by Willis to AmWins in 2005. Smith
is also a former president and management director of R-T
Specialty's New York operation.
In addition to the above, the team also includes Jeff Heath, the
founder of Heath Group, and Mason Power, former COO and chief
marketing officer at Swett & Crawford, where he worked closely
with Tom Ruggieri. Mason Power also worked at Advisen, which was
founded by Tom Ruggieri.
This investment represents a return to the US market for the
Company, following on from the Company's recent investment in
Canada, Stewart Specialty Risk Underwriting Ltd.
B.P. Marsh strongly believes that XPT is well positioned to take
advantage of the significant consolidation opportunities in the
small-to-medium-sized wholesale space in the US.
Commenting on the investment, Chairman of the Company Brian
Marsh said "We are pleased to be back in the US with an investment
in XPT. Our business is in backing people and the founders of XPT
have impeccable credentials, deep industry knowledge and great
ambition. We are excited by the opportunities presented in
partnering with them and in the US market in general and look
forward to growing XPT alongside them."
Dan Topping, B.P. Marsh's Chief Investment Officer, who has been
appointed to represent the Company at XPT, stated "I am delighted
to be working alongside the Management Team in delivering on their
strategy and developing their presence in the US specialty
insurance market."
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
Atholl Tweedie / Adam James / Charles Leigh-Pemberton +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 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 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.
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 and established herself as a central part of the management
team.
In February 2015 she was appointed as a Director of B.P. Marsh
and a member of the Investment Committee. In January 2016 Alice was
appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for
the overall performance of the Company and monitoring the Company's
overall progress towards achieving the objectives and goals of the
Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B. P. Marsh,
having been appointed as a Director in 2011. He joined the Company
in February 2007, following two years at an independent London
accountancy practice. Dan is the Senior Executive with overall
responsibility for the portfolio and investment strategy of B.P.
Marsh.
Dan graduated from the University of Durham in 2005 and is a
member of the Securities and Investment Institute and the Institute
of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and
Valuation Committees and currently serves as a Board Director
across the portfolio.
Camilla Kenyon was appointed as Head of Investor Relations at
B.P. Marsh in February 2009, having four years' prior experience
with the Company. She was appointed to the main board in 2011.
Camilla is Chair of the New Business Committee evaluating new
investment opportunities. She has a number of nominee directorships
over two investee companies and is a standing member of the
Investment Committee. She is a Member of the Investor Relations
Society.
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. Jon graduated from the University of
Sheffield with an honours degree in Business Studies and joined the
Group in November 1999, following two years at Euler Trade
Indemnity and two years at a Chartered Accountants. Jon is a Member
of the Chartered Global Management Accountants, the Chartered
Management Accountants and the Chartered Institute of Securities
and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited
in September 2001, and Group Finance Director in December 2003 and
was instrumental in the admission of the Group to AIM in February
2006. Jon is a member of the B.P. Marsh Investment and Valuation
Committees and currently serves as a Board Director for Walsingham
Motor Insurance Limited, and provides senior financial support and
advice to all companies within the Group's portfolio as well as
evaluating new investment opportunities.
'ends'
This information is provided by RNS
The company news service from the London Stock Exchange
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