Investment – SAGE Program Underwriters

29 June 2020

B.P. Marsh & Partners Plc

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

Investment - SAGE Program Underwriters

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses is pleased to announce that it has agreed to subscribe for a 30% Cumulative Preferred Ordinary shareholding in SAGE Program Underwriters ("SAGE"), for an equity consideration of $250,000 (c. £200,000).

Based in Bend, Oregon, USA, and established in 2019, by CEO Chuck Holdren, SAGE provides specialist insurance products to niche industries, initially in the inland delivery and field sport sectors. 

Mr Holdren has over 3 decades of experience in the insurance industry. Prior to establishing SAGE, he founded and managed two national underwriting agencies from start-up to successful trade sale. He has also worked in senior management roles across the insurance sector. 

During his career, Mr Holdren has designed and implemented numerous underwriting programs for niche insurance sectors and has many long-lasting relationships with agents, brokers, and insurers across the USA. 

Before making this investment, the Company assessed the potential impact of the Covid-19 pandemic on SAGE. Given SAGE's focus on the Inland Delivery sector, a business segment that has continued to operate during the wider Covid-19 close down, the Company believes that SAGE is well positioned to trade through Covid-19. 

In addition to the equity consideration, the Company will provide a loan facility to SAGE of $250,000 (c. £200,000). This facility is available from completion and will be utilised by SAGE to bring about future growth, as outlined in the agreed business plan. 

Dan Topping, Chief Investment Officer of the Company, commenting on this investment, stated "We are pleased to be investing in SAGE, and we look forward to developing a successful partnership with Chuck and his team. He has a fine reputation for providing solutions to particular sectors which were previously underserved in the Workers Compensation insurance market. 

The specialist nature of SAGE within the insurance sector corresponds with our investment approach in seeking partnerships with skilled management teams." 

Chuck Holdren, SAGE's CEO, commented "We are thrilled to have B.P. Marsh as a partner in SAGE to help support our current and long-term goals. In addition to the financial investment, the team at B.P. Marsh brings a significant amount of insurance experience, expertise, and relationships.  This allows SAGE to develop new programs, coverages and talent that we have already identified that will position us to be the leading insurance provider for the industries we serve." 

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Notes to Editors:

B.P. Marsh's current portfolio contains seventeen 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 approaching ten years.

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