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
|
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.
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.
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