Investee Company Update - Nexus
Date: 30th July 2019
On behalf of: B.P. Marsh & Partners Plc
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Investee Company Update - Nexus Underwriting Management Limited
B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early stage financial services businesses, is pleased to note that its investee company Nexus Underwriting Management Limited ("Nexus"), in which it holds an aggregate shareholding of 18.5%, has announced that it has acquired Plus Risk Limited ("PRL"), a London based Financial and Professional Lines MGA.
PRL provides Management Liability and niche Professional Indemnity Insurance. PRL was founded in 2017 and its underwriting team is comprised of James Rasmussen and Neil Ede, who will continue in the business post transaction. James Rasmussen and Neil Ede will become shareholders in Nexus and move to Nexus' London headquarters.
James Rasmussen has over 19 years' of FinPro broking and underwriting experience, including previous roles at Travelers and Chubb. Neil Ede has over 20 years' experience in the industry, including 7 years at Chubb and 10 years at AIG.
Since BP Marsh's investment in Nexus in 2014, Nexus' Gross Written Premium has grown from £50m to an expected Gross Written Premium of £313m for the year ending 31st December 2019.
Daniel Topping, B.P. Marsh's Chief Investment Officer commented: "PRL is a natural adjunct to Nexus' FinPro product offering. The acquisition of PRL is another pleasing example of Nexus' buy and build strategy, representing the 14th transaction Nexus has undertaken since our investment in 2014."
Colin Thompson, Nexus Founder and Group CEO has commented: "This is a strategic acquisition for Nexus and a natural addition to our existing capabilities. We are acquiring PRL at an exciting stage in its development and will look to accelerate growth through our infrastructure, distribution channels and networks."
For further information:
B.P. Marsh & Partners Plc
Brian Marsh OBE / Camilla Kenyon
+44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon (UK) Limited
Atholl Tweedie / Erik Anderson / Ailsa Macmaster
+44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains nineteen 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 at least five years.
Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.
Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman's Office and established herself as a central part of the management team.
In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016 Alice was appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the Company's overall progress towards achieving the objectives and goals of the Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B.P. Marsh, having been appointed as a Director in 2011. He joined the Company in February 2007, following two years at an independent London accountancy practice. Dan is the Senior Executive with overall responsibility for the portfolio and investment strategy of B.P. Marsh.
Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the Institute of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director across the portfolio.
Camilla Kenyon (Millie) was appointed to the main Board in 2011, following her appointment as Head of Investor Relations in 2009. She has dual responsibilities within the Group, running both Investor Relations and the New Business Department and is Chair of the New Business Committee evaluating new investment opportunities.
Millie is nominee director of one investee company and is a member of the Investment Committee. She has over 20 years of experience in the financial services industry, including numerous Board appointments and is a Member of the Investor Relations Society.
Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 17 years' experience in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the Chartered Institute of Securities and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003 and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director for Walsingham Motor Insurance Limited, and provides senior financial support and advice to all companies within the Group's portfolio as well as evaluating new investment opportunities.
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