11 March 2026

B.P. Marsh & Partners Plc

("B.P. Marsh", the "Company" or the "Group")

Update on Sodalis Capital Limited

B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early-stage financial services businesses, notes yesterday's announcement by portfolio company Sodalis Capital Limited ("Sodalis") regarding the launch of Brecon Specialty Limited.

Background to Sodalis

B.P. Marsh invested in Sodalis in November 2025, a newly formed insurance intermediary group focused on UK and international underwriting, wholesale broking and related services.

Sodalis was established to pursue a buy-and-build strategy within the international insurance intermediary sector, targeting specialist underwriting and wholesale broking platforms across the UK, Europe and Asia.

B.P. Marsh's investment was made alongside Alliant Insurance Services, Inc. ("Alliant"), which also holds an approximate 27% shareholding in Sodalis. Alliant is the fifth largest insurance intermediary group globally, generating over $5bn of insurance brokerage annually.

Sodalis was founded by Colin Thompson, an insurance executive with over 30 years' experience in building and managing insurance intermediary businesses globally. Colin invested alongside B.P. Marsh and Alliant and also holds a c.27% shareholding in Sodalis.

Launch of Brecon Specialty by Sodalis Capital ("Brecon")

On 10 March 2026 Sodalis announced the launch of Brecon, a new London-based wholesale insurance broker.

Brecon has been created to provide specialist broking and risk advisory services to international independent brokers, as well as direct clients, with a focus on Cyber and Technology Errors & Omissions (E&O) risks globally.

Brecon, which will commence trading immediately, is led by David Rees as CEO, formally a Managing Director at Howden and a senior figure in the cyber insurance market. David will lead a team of 14, who collectively have over 100 years of combined experience across cyber insurance and the London insurance market.

The team is made up of experienced  practitioners with long-standing relationships across insurers and syndicates operating in the Lloyd's and London company markets, positioning Brecon to provide specialist expertise and access to capacity for complex cyber and technology liability risks.

The launch of Brecon is entirely consistent with Sodalis' strategy at inception: to build a diversified international specialty insurance platform.

David Rees, CEO of Brecon, commented:

"Brecon was established to offer a focused independent broker in the London market. Our broker partners and clients will benefit from best-in-class service and access to considerable capacity, delivered by a team of cyber specialists that are at the top of their game."

Colin Thompson, Founder and CEO of Sodalis, commented:

"We are delighted that David and his team have joined Sodalis to launch Brecon Specialty. Their deep expertise in cyber and technology E&O, together with their long-standing relationships across the London market, creates a strong platform from which to build a leading specialist broker serving clients and intermediary partners globally."

Dan Topping, CEO at B.P. Marsh, commented:

"We are pleased to see the launch of Brecon Specialty as part of Sodalis' broader growth strategy. The team brings deep expertise in  cyber insurance  and strong relationships across the London market. This development further demonstrates Sodalis' ambition to build a high-quality international specialty insurance platform."

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. 

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