B.P. Marsh & Partners PLC Investment -- SAGE Program Underwriters (2940R)
29 Junio 2020 - 1:00AM
UK Regulatory
TIDMBPM
RNS Number : 2940R
B.P. Marsh & Partners PLC
29 June 2020
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.
GBP200,000).
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. GBP200,000). 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."
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 / Charles Leigh-Pemberton
/ 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 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.
- Ends -
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END
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