B.P. Marsh & Partners PLC
Date: 18th July 2017
On behalf of: B.P. Marsh & Partners Plc
Immediate release
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 niche venture capital provider to early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited ("Nexus"), in which it holds an 18.6% shareholding, has announced that it has acquired Equinox Global Limited ("Equinox"), a Trade Credit Managing General Agent with Lloyd's Coverholder approval. In 2017 Equinox is forecast to produce gross written premium of £20m, revenue of £5.1m and an EBITDA of £0.7m. This acquisition was funded via a proportion of the previously announced £30m loan facility provided by the Company and HPS Capital Partners.
Established in 2009, Equinox is majority owned by management and staff, alongside the global insurer, the Beazley Group, which owned 37%. Following the acquisition of Equinox by Nexus, Equinox will continue to have underwriting capacity from Beazley, via a 10 year underwriting support agreement.
Equinox has offices located in London, New York, Paris, Hamburg and Amsterdam. The business will continue to be run by Equinox's founding shareholders and management team.
The combination of Nexus and Equinox will result in Nexus having a profitable trade credit insurance offering of £60m in terms of gross written premium.
Nexus underwrites a number of specialty products on behalf of underwriting partners that support its product offerings within the following lines of business: financial lines, trade credit, accident & health, surety, travel, property, latent defect, marine and cyber.
Nexus' Chairman Colin Thompson stated: "Equinox and Nexus's books of trade credit insurance business are complementary, with very little overlap, both in terms of line sizes and geographical focus, resulting in significant opportunities to expand globally by harnessing the joint distribution channels following the transaction."
Daniel Topping, B.P. Marsh's Chief Investment Officer and the Company's nominee director on the Board of Nexus commented: "We are delighted with the acquisition by Nexus. Not only have they acquired a first rate team of seasoned professionals, but have also created an operating division which is the largest trade credit underwriting agency internationally."
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.
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