REG - B.P. Marsh &Partners - Investment – Devonshire UW Limited

B.P. Marsh & PartnersAnnouncement

27/03/2024 12:30

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RNS Number : 5447I  B.P. Marsh & Partners PLC  27 March 2024

27 March 2024

 

B.P. Marsh & Partners Plc

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

 

Investment - Devonshire UW Limited ("Devonshire")

 

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 subscribed for a 30% Cumulative Preferred Ordinary shareholding in
Devonshire, via a holding company.

 

B.P. Marsh has provided £1.9m of funding via both equity and a loan facility,
which will be partially drawn down upon completion for working capital
purposes. As part of this transaction, Oliver Bogue, an Investment Director
and Executive Director of B.P. Marsh & Company Ltd, will be appointed to
the Board of Devonshire.

 

Devonshire is a London-based Underwriting Agency ("MGA") specialising in
transactional risks, including Warranty & Indemnity, Specific Tax, and
Legal Contingency Insurance.

 

The business has been founded by four experienced industry practitioners,
Natasha Attray, James Dodd, James Fletcher and Charles Turnham, who have a
collective 30 years of transactional liability underwriting experience.

 

Devonshire is backed by Lloyd's capacity with support from a strong panel of
A-rated insurance capacity providers. The business will provide risk solutions
for large M&A transactions for brokers, corporates, private equity firms,
professional advisers and other specialist investors. Whilst London-based,
Devonshire has the ability to underwrite transactions in the UK, Europe,
Middle East, Africa, Asia, South America, Central America and Australasia.

 

Dan Topping, Chief Investment Officer of the Company, commenting on this
investment, stated:-

 

"We are pleased to be making this investment in Devonshire, founded by an
experienced team. We are looking forward to working with Devonshire's founders
to deliver on their business plan over the coming years, harnessing our
experience and expertise in assisting specialist start-up underwriting
agencies develop and grow."

 

"We believe Devonshire is an excellent fit for our diversified investment
portfolio of insurance intermediaries and is in keeping with the type of
investment we have helped successfully to nurture over the past 30 years."

 

The Founders of Devonshire commented:-

 

"We are excited to enter into this partnership with B.P. Marsh, a strong team
with a proven record of sound investments and sustainable strategic
partnerships."

 

"Our goal is to be a market-leading, trusted transactional risks underwriter
focusing on challenging legal risks, respected for our deep expertise and
execution record, and valued as a key strategic partner for our brokers and
clients."

 

"There is momentum in the transactional risks market as a result of many years
of resilient M&A activity and a significant upward trajectory in the use
of transactional risks products. We are seeing a clear demand for a fresh
approach to underwriting and bespoke service within the Transactional Risk
market and the development of the products continue to evolve."

 

For further
information:

 

 B.P. Marsh & Partners Plc                            www.bpmarsh.co.uk (http://www.bpmarsh.co.uk/)
 Brian Marsh OBE                                      +44 (0)20 7233 3112

 Nominated Adviser & Broker

 Panmure Gordon
 Atholl Tweedie / Amrit Mahbubani / Ailsa MacMaster   +44 (0)20 7886 2500

 Financial PR & Investor Relations
 Tavistock                                            bpmarsh@tavistock.co.uk
 Simon Hudson / Tim Pearson / Katie Hopkins           +44 (0)20 7920 3150

 

Notes to Editors:

B.P. Marsh's current portfolio contains fourteen companies. More detailed
descriptions of the portfolio can be found at www.bpmarsh.co.uk
(http://www.bpmarsh.co.uk/) .

 

Since formation over 30 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 over ten
years.

 

- Ends -

 

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