REG - B.P. Marsh &Partners - New Investment

B.P. Marsh & PartnersAnnouncement

28/04/2023 14:15

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RNS Number : 9212X  B.P. Marsh & Partners PLC  28 April 2023

28 April 2023

 

B.P. Marsh & Partners Plc

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

 

New Investment - Verve Risk Services Limited ("Verve")

 

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 acquired a 35% Cumulative Preferred Ordinary shareholding in Verve Risk
Services Limited ("Verve"), a London-based Managing General Agency.

 

B.P. Marsh has provided £1m of funding via a mixture of equity and a loan
facility, which will be drawn down in full upon completion as part of a
management buy-out.

 

Verve specialises in Professional and Management Liability business for the
insurance industry in the USA, Canada, Bermuda, Cayman Islands and Barbados.

 

Established in 2016, by Scott Simmons and Alan Lambert, Verve Risk Partners
LLP had been an underwriting cell within Castel Underwriting Agencies Limited
("Castel"). Following the exclusive support from B.P. Marsh, Verve has
completed a buyout from Castel, with Management owning the remaining 65% of
Verve.

 

Scott Simmons, Director of Verve, has over 20 years' experience in
underwriting US Management and Professional liability lines, having previously
worked as an underwriter for AIG and subsequently establishing a US
Professional and Management liability unit with Aquila Underwriting.

 

Alan Lambert, Director of Verve, has specialised in US Professional, Financial
and Management Liability insurance for 25 years, having started his career as
a broker servicing open-market placements and delegated binding authorities.
Alan Lambert subsequently underwrote on behalf of both London and US-based
carriers before joining Scott Simmons at Aquila Underwriting.

 

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

 

"We are very pleased to partner with a motivated Management Team with a
long-established business, a strong client base and significant upside
potential. We look forward to working with Scott and Alan over the coming
years in developing the business."

 

Scott Simmons and Alan Lambert, joint co-Founders and Directors of Verve,
commented:-

 

"We are delighted to have B.P. Marsh as a partner in Verve to support us in
achieving our long term ambitions and goals, as set out in our business plan.

 

B.P. Marsh brings to Verve more than a financial investment, and the team
brings a significant amount of insurance experience and expertise.

 

Over the coming years, Verve is looking to expand, diversifying its revenue
streams across additional product lines, ultimately developing Verve into a
highly specialised underwriting agency with wide market recognition. We see
B.P. Marsh as the perfect partner to assist us in bringing about this growth."
 

 

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 / Stephen Jones / Amrit Mahbubani / Ailsa MacMaster   +44 (0)20 7886 2500

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

 

Notes to Editors:

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

 

 

- Ends -

 

 

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