B. P. Marsh is a specialist private equity investor in early stage financial services businesses and will consider investment opportunities based in the United Kingdom, Europe, North America and occasionally elsewhere.

We typically invest amounts of up to £2.5m in people businesses with good management. We only take minority equity positions and do not seek to impose exit pressures, preferring to work alongside management to develop a mutually beneficial exit route and maximise value. We are also able to provide follow-on funding for successful companies in our portfolio when required for further growth.

B. P. Marsh has a reputation within its sector for developing strong business partnerships with its investee companies and helping talented management teams to realise their ambitions. We insist on appointing a non-executive director to the board of each of our investee companies and are able to provide consultancy and administrative services when required.

B. P. Marsh has invested in over 25 financial service businesses since it was founded in 1990 and in February 2006 admitted its shares for trading on the Alternative Investment Market.

http://www.bpmarsh.co.uk/

A tip in IC on Friday - Awaiting corporate news.

BP Marsh & Partners shares continue to mark time close to a 12 month high of 128p, but a hefty 33% discount to net asset value of 191p. Subject to regulatory approval, it has agreed to sell 80% of its stake in Global insurance broker Hyperion Insurance Group to General Atlantic for £29.2m . On completion, BP Marsh will have net funds of £20m , worth 68p a share, and still hold a further 45p a share of equity and loans in Hyperion.
General Atlantic has an option to purchase the balance of BP Marsh's stake for £7.3m when Hyperion undertakes an initial public offering (IPO) and, under certain conditions, there could be a further £2m cash payout for BP Marsh if Hyperion undertakes an IPO within 12 months.
So not only will BP Marsh's net cash be shortly worth more than half its market capitalisation of £37.6m, but it means investments in another eight investee companies, worth £16.7m or 57p a share, are in the price for free.
Investors have yet to cotton onto the fact that BP Marsh's board has previously stated it intends to ''instigate a progressive dividend policy and will be keeping under review the possibility of making a buy-back of the shares''. In other words , as soon as the Hyperion transaction receives regularity approval, and BP Marsh is in funds, than expect news on some sort of capital return. IC retain a fair value estimate of 160p.

A good 3.5% rise today.

Partial Disposal of Investment

RNS


RNS Number : 8147I

B.P. Marsh & Partners PLC

08 July 2013






Date: 8th July 2013

On behalf of: B.P. Marsh & Partners Plc ("the Company", "the Group" or "B.P. Marsh")







B.P. Marsh & Partners Plc

Completion of Partial Disposal of Investment in Hyperion and strategy update

· £29.2m cash consideration for disposal of 80% of holding

· Retention of 2.76% stake

· Repayment/cancellation of £4.325m Directors' Loan facility

· Dividend of 1.25p per share declared



Partial Disposal of shareholding in Hyperion Insurance Group Limited ("Hyperion")



B.P. Marsh & Partners Plc, (AIM: BPM), a niche venture capital provider to early stage financial services businesses, is pleased to announce that the transaction to sell 80% of its holding (5,623,520 shares) in Hyperion to the global growth equity firm General Atlantic Hawthorn B.V. ("General Atlantic") has now completed following receipt of FCA approval, competition clearance in Germany and regulatory clearance in Texas, Spain and Singapore. The cash consideration of £29,242,304 (equating to £5.20 per A Ordinary Share of Hyperion) has been received.



The Company will retain a 2.76% stake in Hyperion subject to a Call Option arrangement which will allow General Atlantic to purchase the Company's remaining stake of 1,405,880 A Ordinary Shares of Hyperion at £5.20 per share. The Call Option will expire and fall away on 8th July 2016 or upon Hyperion undertaking an Initial Public Offering ("IPO"), whichever is the earlier. Under the Call Option the Group could receive a further £7,310,576 in cash if exercised.



As a leading niche provider of capital to early stage financial service companies, B.P. Marsh was instrumental in co-founding and funding Hyperion in 1994, with an initial equity investment of £25,000 and a further equity investment of £4,320,403 over the subsequent 18 years. Since then, B.P. Marsh has overseen Hyperion's growth through a longstanding partnership and provision of working capital finance, to which the Board of B.P. Marsh has been committed, including spearheading the Strategic Finance Committee which led to 3i joining as a fellow investor in 2008. Since inception Hyperion has grown from five staff based in London to over 1,400 staff in 28 countries producing over £110m in revenues for the financial year ending 30th September 2012. 3i has also sold its stake in Hyperion to General Atlantic, at the same price per share.



The investment and subsequent majority disposal of the Hyperion stake is another example of B.P. Marsh's successful strategy and business model, and demonstrates how the Company proactively helps investments mature for the benefit of both the underlying Company and the B.P. Marsh shareholders.



The Share Purchase Agreement includes an anti-embarrassment provision, which provides that if Hyperion undertakes an IPO by 8th July 2014, at a price at or in excess of £6.25 per A Ordinary Share, there will be an additional adjustment amount payable to the Group, up to a maximum of £0.30 per A Ordinary Share. This provision could result in a maximum additional amount of £2,108,820 in consideration becoming payable to the Group; however Hyperion's value would need to have increased to £6.60 per A Ordinary Share, or above, within the following 12 months and the right market conditions would need to be in place for a successful IPO, for this maximum additional consideration to become payable.



The Group has agreed to provide to Hyperion a loan of £6,037,360 at an interest rate of Bank of England Base rate + 5%, minimum 7.5% for a minimum term of 12 months to refinance existing shareholder loans (including £2,945,947 that B.P. Marsh had previously provided to Hyperion). As such £3,091,413 in cash from the sale of shares will be used to finance this loan. The loan will be repayable on an IPO or a change of control of Hyperion or 3rd October 2017, whichever is the earlier.



The Board believes that now is the right time for a larger investor to take Hyperion forward to the next stage of its development and has therefore taken this opportunity to divest 80% of its stake in Hyperion. It has given the sale of this stake extensive consideration and was unanimous in this decision. The Board realises that if this course of action had not been taken, the Group would have seen regular and material dilution of its shareholding, as Hyperion continue to take advantage of acquisition opportunities.



Strategy



The Group has a stated objective which is to make minority investments in promising opportunities in the financial services sector, typically taking an equity stake of between 15% and 45%. The investment goal remains unchanged: identify businesses with strong management teams and good growth potential, and help fund, support and develop these companies so they can deliver on growth opportunities.



Given the potential opportunities in the Group's key market place, the Board is unanimous that the priority for the Group and the long term benefit of the shareholders is to continue to develop the business, and reinvest the Hyperion sale proceeds in both its existing portfolio and in new ventures within its existing investment criteria, as has been its philosophy since 1994.



Hyperion is a good example of how the B.P. Marsh model creates value on an NAV level for shareholders, and it should also be noted that the Group has consistently generated increased value in its investments, achieving a compound growth rate of circa 12% in its net assets since formation. Management is confident that the stated strategy will result in the continuation of such growth.



As a sign of confidence in the long term prospects for B.P. Marsh, the Board intends to recommend the payment of a dividend of 1.25p per share (£365,375), a 25% increase from the last dividend paid by the Company in July 2012.







Comment from Brian Marsh OBE:

"We have been pleased to work alongside Hyperion over the last 18 years, where we have helped build the company to the successful position it stands in today. The B.P. Marsh investment model continues to create demonstrable long term value to shareholders, and we are confident the strategy will continue to find, develop and realise more opportunities going forward."



£4.325m Directors' Loan Facility



Following receipt of approximately £20m, net of tax and loans, the Company can confirm that the Directors' Loan facility will be fully repaid and cancelled.



Annual General Meeting



As announced on 18th June 2013 the Company will be holding its AGM on 18th July 2013.

Dividend Declaration

RNS


RNS Number : 8637J

B.P. Marsh & Partners PLC

22 July 2013




Date: 22nd July 2013

On behalf of: B. P. Marsh & Partners Plc

Immediate release



B.P. Marsh & Partners Plc

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

Dividend



B.P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early stage financial services businesses, is pleased to be able to provide details of the declared dividend which was referred to in the Company's announcement dated 8th July 2013.



The Company can confirm that this dividend of 1.25 pence per share (£365,375) will be paid on 23rd August 2013 to all shareholders on the Company's register at close of business on the 2nd August 2013.



This dividend will be in relation to the current year, the Company's financial year ending 31st January 2014.





For further information:



B.P. Marsh & Partners Plc www.bpmarsh.co.uk

Simon T of IC today - Cashed up and undervalued

Shares in Aim-traded investment company BP Marsh & Partners (BPM: 134p) continue to mark time close to a 12-month high of 128p, but at a hefty 30 per cent discount to net asset value of 191p. This is completely unjustified given that the company has just completed the sale of 80 per cent of its stake in global insurance broker Hyperion Insurance Group to private equity firm General Atlantic in a £29.2m deal.

BP Marsh now has net funds of £20m, worth 68p a share, and still holds a further 45p a share of equity and loans in Hyperion. General Atlantic has an option to purchase the balance of BP Marsh's stake for £7.3m when Hyperion undertakes an initial public offering (IPO) and, under certain conditions, there could be a further £2m cash payout for BP Marsh if Hyperion undertakes an IPO within 12 months.

This not only means BP Marsh's net cash is worth more than half its market capitalisation of £37.6m, but it means investments in another eight investee companies, worth £16.7m or 57p a share, are in the price for free.



Capital returns

True, the payment of a 1.25p-a-share dividend on 23 August (ex-dividend: 31 July) may seem a tad stingy in light of the burgeoning cash pile. However, I would not be surprised at all to see the company use part of the cash pile to authorise a share buyback in due course


So although it may be tempting to take some profits, I would resist the temptation and wait for BP Marsh's next results in October and to see whether it will adopt an active share purchase programme to reduce the share price discount to net asset value. By then we should also have a clearer idea of how the board intends to deploy its cash pile. As I have stated previously, the share price discount to book value is anomalous. I retain my fair value estimate of 160p.

A buy in IC target price 160p

B.P. Marsh & Partners has confirmed that a dividend of 1.25p per share will be paid on 23 August to all shareholders of record on 2 August.

Trading Update

http://www.moneyam.com/action/news/showArticle?id=4654867

1

Trading Statement

RNS


RNS Number : 3805A

B.P. Marsh & Partners PLC

19 February 2014




Date: 19th February 2014

On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group")

Embargoed until: 0700hrs

Trading Update

B.P. Marsh, the niche venture capital provider to early stage financial services businesses, is pleased to provide the market with an update for the year ended 31st January 2014.



The final quarter of the financial year saw the completion of three transactions, as follows:



Investment Activity

New Investments



MB Prestige Holdings PTY Ltd ("MB Group")

The Group acquired a 40% equity position in MB Group on 17th December 2013, for AU$0.8m.



MB Group is a Managing General Agent (MGA), headquartered in Sydney, Australia and is recognised as a market leader in respect of prestige motor vehicle insurance in Australia.



B.P. Marsh partnered with MB Group's management team to buy out an existing shareholder, delivering a 60% shareholding to MB Group's management team and 40% to B. P. Marsh. In addition to the equity investment, B.P. Marsh provided loan funding of AU$1.4m.



Bob Lee, Chairman of MB Group, commented; "Having a successful international investor in B.P. Marsh join our Company is an exciting opportunity. Their vast experience and insurance connections, will assist the MB Group team in profitably growing the business. We are looking forward to working with Brian Marsh and his team in this exciting phase of MB Group's development."



Bob Lee, has a 40 year track record in the industry and was formerly CEO of Stardex Insurance Group, which under his leadership became the largest independently owned underwriting agency in Australia and New Zealand, and previously held senior roles with RSA and AMP.



Walsingham Motor Insurance Ltd ("Walsingham")

The Group acquired a 30% stake in Walsingham, a new specialist UK MGA operating in niche motor insurance markets, for a consideration of £300,000 on 3rd December 2013.



The management team has a proven track record in starting and growing MGA businesses. The team also has considerable underwriting expertise, along with long-term experience of the motor insurance sector. Walsingham commenced trading in July 2013 having secured primary capacity from Calpe, a subsidiary of TransRe, a leading international reinsurer.



In addition to the equity investment, B.P. Marsh provided loan funding of £1m on completion and has agreed, subject to certain conditions, additional loan funding of up to £200,000.



Martin Gray, Chairman of Walsingham, commented; "Walsingham is a motor insurance MGA with the objective to deliver a top quality level of service supported by efficient and responsive systems, providing a dynamic interface between the various stakeholders with a seamless process.



The core philosophy is to be very efficient and cost conscious to ensure there is not pressure to write for income, but that the enterprise is totally profit focussed."



Additional Investments



LEBC Holdings Ltd ("LEBC")

On 31st January 2014, the Group acquired an additional 12.02% stake in LEBC from an exiting shareholder, for a cash consideration of £1m. LEBC's Employee Benefit Trust also acquired a further 12.02%, for a cash consideration of £1m, provided by the Group by means of a loan facility for the entire amount.



The Group's stake in LEBC has increased from 22.89% to 34.91%. Commenting on the transaction, Jack McVitie, Chief Executive of LEBC, stated: "This transaction marks a new stage in the growth and development of LEBC. I look forward to working with my management team in company with B.P. Marsh to achieve continued success in the future."



Portfolio news

Besso Insurance Group Ltd ("Besso")

Colin Bird, Executive Chairman of Besso, commented on current market activity; "The market still remains competitive, and there is massive interest from overseas investors to become involved in Lloyd's. From Besso's point of view we see all this as an opportunity. We expect underwriters, whilst doing their job properly, will be more receptive to fresh ideas, broadening of coverages and generally being more flexible."



Today, Besso have announced the appointment of Samantha Hovey as Chief Financial Officer. Samantha Hovey joins Besso from Cooper Gay where she was Chief Financial Officer. Other previous roles include positions at HSBC Insurance Brokers and Rattner McKenzie Ltd.



The Broucour Group Ltd ("Broucour")

Broucour, through its two trading subsidiaries Turner Butler Ltd and Amberglobe Ltd, has successfully assisted on the completion of 76 deals for a total consideration of approx. £13m in the nine month period from May 2013. Despite the tough trading environment for business sales agencies in the UK, Broucour has demonstrated that with a professional and focused approach a profitable return can be achieved. The Group has a 49% holding in Broucour.



MB Prestige Holdings PTY Ltd ("MB Group")

Since investment, MB Group has successfully closed out the 2013 financial year in line with the Group's expectations.



MB Group continues to build upon their successful underwriting arrangement with QBE, and maintain a pleasing underwriting performance.



MB Group recently took over the underwriting portfolio of another company in their sector and are in discussions as regards a potential acquisition of a complementarybusiness operating throughout Western Australia. This is in line with the plans set out by MB Group at the time of our investment.



B.P. Marsh continues to work with MB Group to further develop profitable lines of business within the Australian market through access to domestic and international insurance capacity.



Hyperion Insurance Group Ltd ("Hyperion")

Hyperion, in which the Group has a 2.81% stake, has announced its results for the year to 30th September 2013. Total revenue from continuing operations was up 51% to £166.6m, contributing to a compound annual growth rate of 35% over the past five years. EBITDA (before non-recurring and acquisition costs and discontinued operations) increased 74% to £35.9m, contributing to a compound annual growth rate of 41% over the past five years. The 2013 results reflected the acquisition of Windsor Insurance Brokers Ltd.



New Business Opportunities

The Group has seen a strong flow of new business opportunities within its heartland of interest and is continuing discussion on a number of these. It is expected that the inflow of opportunities will remain robust as economic conditions continue to demonstrate improvement.



Outlook

The general mood is one of increasing optimism, demonstrated by Deloitte's CFO Survey of Q4 2013, in which a record 57% of CFOs say this is a good time to take risk and business optimism is running at the highest level in three-and-a-half years.



The insurance market remains competitive, providing opportunities for companies willing and ready to innovate, whilst delivering a high quality service.



Cash balance

At 31st January 2014 net cash available for investment after provision for tax and commitments was £8.5m.



Full year Results

The Group expects to report the results for the year to 31st January 2014 on 3rd June 2014.

Finals Tues 3 June

BESSO OPENS OFFICE IN BRAZIL

RNS


RNS Number : 9943K

B.P. Marsh & Partners PLC

01 July 2014




Date: 1 July 2014

On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group")



B.P. Marsh & Partners Plc

Investee Company Update - Besso Insurance Group Limited





BESSO OPENS OFFICE IN BRAZIL

B.P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early stage financial services businesses, announces that Besso Insurance Group Limited ("Besso"), the independent top 20 Lloyd's broker in which B.P. Marsh has a 37.94% stake, has announced that it has received the appropriate licenses to begin trading in its newly opened office in Rio de Janeiro, Brazil.

Besso will be providing a broad range of products including D&O, marine and specialist reinsurance products to its clients in Brazil, increasing the international reach that its clients benefit from and building on the company's ambitions to grow globally.



Besso has recruited Frederico Casal-Ribeiro to head up the team based there. Frederico joins Besso from insurance broker Dynamix Seguros, of which he was both the founder and major partner, and has held positions previously at MII Capital, AIG and Lagos Sports.



Colin Bird, CEO and Chairman of Besso said: "Brazil is currently going through a period of immense growth and development, and at this exciting time a multitude of opportunities continue to surface. We felt this was the perfect time to capitalise on such opportunities, especially when having a local presence will ensure that we provide our clients in South America with a much better service. We consider Rio de Janeiro to be the hub of reinsurance activity in Brazil, and we are looking forward to being part of it."



Brian Marsh, Chairman of B.P. Marsh said: "We believe this to be a significant development for Besso and an important step forward in its international growth ambitions".

Trading Update

http://www.moneyam.com/action/news/showArticle?id=4877134

Interim Results

· Net Asset Value ("NAV") of £59.8m (31st July 2013: £56.9m)

· Increase in the Equity value of the Portfolio of 5.0% in the Period (and an increase of 13.7% since 31st July 2013)

· Profit after tax (unaudited) of £1.7m (31st July 2013: £1.4m)

· Final Dividend for the year ended 31st January 2014 of 2.75p per share paid in July 2014

· Increase of NAV per share to 205p (31st July 2013: 195p)

· Average NAV annual compound growth rate of 11.3% achieved since 1990

· Current cash balance of £7.9m



http://www.moneyam.com/action/news/showArticle?id=4907646

Trading Update


http://www.moneyam.com/action/news/showArticle?id=4978674

Simon T of IC today - I continue to rate BP Marsh shares a solid medium-term buy and maintain a target price of 170p.
///////////////////////////////////////////////////////////////////////////////////////////////

17 Feb Panmure Gordon 162.00 Buy

ST of IC - For good measure the share price now looks poised to take out the all-time high of 155p from a year ago, so the technical set-up is encouraging. In the circumstances, I have every reason to believe that my target price of 170p will be achieved as I outlined in my last article when the price was 135p ('Income stocks with capital upside', 18 February 2015). In fact, I feel confident enough to raise my target price to a new range between 170p to 180p

18 Jun Panmure Gordon 173.00 Buy

Further Investment
RNS
RNS Number : 4752Q
B.P. Marsh & Partners PLC
17 June 2015

Date: 17th June 2015

On behalf of: B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

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

Further Investment in Nexus Underwriting Management Limited



B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has subscribed for a further investment in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency ("MGA"), for a total consideration of £1,554,000. B.P. Marsh has acquired new Preferred Ordinary shares representing 5% of the enlarged share capital of Nexus, and the acquisition takes B.P. Marsh's shareholding in Nexus to 9.8% for an aggregate consideration of £3,108,000.



Nexus is one of the largest independent specialty MGAs in the London Market with a forecast Premium Income in excess of £65m for 2015. It operates across the major insurance sectors, including Financial Lines, Trade Credit & Political Risk, Accident & Health and various other niche areas of insurance, where its specialist skills come to the fore.



The Group acquired an initial shareholding in Nexus of 5% in August 2014, with the intention to increase its shareholding over time, in support of Nexus's growth aspirations. As such the Group has provided this finance in connection with a proposed acquisition by Nexus, which will add significantly to its Gross Written Insurance Premium Income, and also its profitability and its geographical footprint across Europe. The Company will announce further details of this transaction in due course.



Nexus Group CEO Colin Thompson stated "We are delighted to conclude this funding with B.P. Marsh as it provides further access to capital on agreeable terms. The capital will not only be used to conclude a specific transaction but also underpins our wider M&A agenda which will take Nexus into new product lines and new geographic areas, in order to pursue our growth strategy."



Daniel Topping, the Company's nominee director on the Board of Nexus commented "I am pleased to conclude this round of funding which will allow Nexus to pursue their ongoing growth strategy and, we anticipate, will continue to deliver significant underlying growth to the Group's Net Asset Value. This investment underlines B.P. Marsh's strategy of providing growth finance to specialist financial intermediaries, to which we have unrivalled access through our niche area of operation."

Trading update

8 Sep Panmure Gordon 173.00 Buy

ST of IC today - Offering 20 per cent upside to my fair value of 180p a share, the shares rate a strong buy on a bid-offer spread of 141p to 145p.

Interim results

Interim Results Announcement for the period to 31st July 2015



B.P. Marsh & Partners Plc, the niche venture capital provider to high growth businesses, announces its unaudited Group interim results for the six months to 31st July 2015 (the "Period").



The financial highlights of the results are:



· Net Asset Value ("NAV") up 9.5% to £65.5m (31st July 2014: £59.8m)

· Increase in the Equity value of the Portfolio of 9.3% in the Period (and an increase of 19.8% since 31st July 2014)

· Profit after tax (unaudited) up 100% to £3.4m (31st July 2014: £1.7m)

· Final Dividend for the year ended 31st January 2015 of 2.75p per share paid in July 2015

· NAV per share up 9.75% to 225p (31st July 2014: 205p)

· Average NAV annual compound growth rate of 11.2% achieved since 1990

· 5.3% Total Shareholder Return for Period

· Current uncommitted cash balance of £3.2m

20 Oct Panmure Gordon 180.00 Buy

ST of IC today - So with BP Marsh increasing its net asset value to a record high, raising its dividend, and with valuations on its equity portfolio likely to rise yet again in the second half, then I believe the shares offer a compelling investment opportunity, so much so that my fair valuation of 180p a share is starting to look too conservative. Offering 16 per cent upside to my conservative fair value of 180p a share, I continue to rate BP Marsh's shares a decent buy on a bid-offer spread of 152p to 155p.

Subscription for a further Investment in Nexus
RNS
RNS Number : 1946I
B.P. Marsh & Partners PLC
07 December 2015

Date: 7th December 2015

On behalf of: B.P. Marsh & Partners Plc

Immediate release

B.P. Marsh & Partners Plc

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

Further Investment in Nexus Underwriting Management Limited



B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has subscribed for a further investment in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency ("MGA"), for a total consideration of £1,470,000.



B.P. Marsh has subscribed for 111,850 new Preferred Ordinary shares of Nexus, with this further investment taking B.P. Marsh's shareholding in Nexus to 13.7%, for an aggregate consideration of £4,570,000.



Nexus is one of the largest independent specialty MGAs in the London Market with a pro forma forecast Premium Income in excess of £100m for 2015. It operates across the major insurance sectors, including Financial Lines, Trade Credit & Political Risk, Accident & Health, Surety and Life and various other niche areas of insurance, where its specialist skills come to the fore.



The Group has provided this finance in connection with a proposed acquisition by Nexus, in line with the Group's strategy to increase its shareholding over time in support of Nexus's growth aspirations. The Company will announce further details of this transaction in due course.



Additionally, this investment has also allowed Nexus to acquire shares from certain members of Nexus' management team, allowing long standing employees to realise a proportion of their holding.



Nexus Group Chairman Colin Thompson stated "We are delighted to receive this additional tranche of funding which will in part assist in funding our second acquisition of 2015. ‎Over a relatively short period of time, we have developed a true partnership with BP Marsh and look forward to working with them in the future as we push ahead in continuing to build a business that is reshaping the MGA landscape in the UK."



Daniel Topping, the Company's nominee director on the Board of Nexus commented "We are pleased to conclude this further round of funding, in support of Nexus's acquisitive growth strategy. Furthermore it enabled Nexus to provide assistance to certain longstanding Directors by helping them realise part of their shareholding."

Interactive investor - Tuesday 7 June

AIM-listed financial services investor B.P. Marsh & Partners (BPM) will announce final results on Tuesday, with its investment portfolio looking strong after selling off most of a stake in London-based Hyperion Insurance to buy into Singaporean reinsurance broker ARB.

The specialist venture capital provider, which buys minority stakes in financial businesses and holds them for an average of seven years on an "eyes on but hands off" basis, has netted an average compound Net Asset Value (NAV) growth rate of 11.2% since 1990.

Analyst Barrie Cornes at Panmure Gordon reckons that’s "impressive" - especially with a growing yield and low-level share buybacks to boot.

"The shares are trading at a 32% discount to NAV at 31 July 2015 of 225p/share which we feel is too great a discount," says Cornes, who calls the firm "an excellent investment opportunity that has been overlooked by investors".

Final results


· Increase in the Equity Value of the Portfolio of 23.8% over the year

· Net Asset Value of £70.8m (31 January 2015: £63.0m), a 12.4% increase, net of Dividend

· Net Asset Value increase to 243p per share (31 January 2015: 216p)

· Total return to Shareholders in the year of 13.7% (2015: 8.2%)

· Consolidated profit after tax of £8.7m (31 January 2015: £4.9m), a 76% increase

· Average Net Asset Value annual compound growth rate of 11.4% since 1990

· Final Dividend of 3.42p per share declared (31 January 2015: 2.75p), a 24.4% increase

· Cash and treasury funds balance of £5.3m, with additional cash of £7.3m expected in July

· New investment in South Africa

· Additional investment in Nexus

· Post year-end investment in Asia

7 Jun Panmure Gordon 194.00 Buy

ST of IC today - I have nudged up my target price from 190p to 200p

Disposal
RNS
RNS Number : 2746T
B.P. Marsh & Partners PLC
04 January 2017
 
Date:                            4 January 2017
On behalf of:                 B.P. Marsh & Partners Plc ("B.P. Marsh" and the "Company")                        
For immediate release
 
B.P. Marsh & Partners Plc
Disposal of Investment in Besso
 
21 year investment in Besso culminates in exit
 
B.P. Marsh & Partners Plc (AIM:  BPM), the specialist venture capital investor in early stage financial services businesses, announces that it has reached agreement to sell its entire 37.94% shareholding in Besso Insurance Group Limited ("Besso") for cash.  
 
BGC Partners Inc. ("BGC") has agreed to acquire 100% of Besso, with ongoing management and employees rolling over a proportion of their existing Besso shareholdings into BGC shares. The transaction places an entire enterprise valuation of Besso at £70.5m, however the final purchase price will be subject to various adjustments by reference to completion accounts, which the Company currently anticipates to be as at 31st March 2017.
 
In order to put this into context, the same adjustments applied to Besso's 31st August 2016 Balance Sheet would result in estimated proceeds to B.P. Marsh of £20.6m net of transaction costs and pre-tax. This equity stake was most recently valued by B.P. Marsh at £20.1m as at 31st July 2016. Completion of the transaction will be subject, inter alia, to FCA approval being granted and as part of the terms of the transaction Daniel Topping, the Company's Chief Investment Officer, will resign as a Non-Executive Director on the Boards of Besso and Besso ESOP Trustee Limited.
 
Besso commenced a strategic review in August 2015, engaging Canaccord Genuity to assess its strategic options. During this time B.P. Marsh has seen its valuation of Besso increase significantly and the Company's gross proceeds from this sale will represent an increase of c. 48% on its published valuation of the same stake in Besso at 31st July 2015 of £13.9m.
 
In the year to 31st December 2015, Besso achieved Revenues of £37.6m (an increase of 16% on 2014) and EBITDA of £4.17m (an increase of 15% on 2014), and it is continuing this trend in 2016, where it is on track to achieve EBITDA in excess of £10m.
 
In addition to the sale proceeds, B.P. Marsh's existing shareholder loans of c. £1.36m will be repaid in full upon completion. In the 2017/18 financial year the Company was forecasting an overall income yield of 0.64% on its Besso stake, and the Board is confident that this will be easily replaced and exceeded as a result of reinvestment of the proceeds of this sale.  
 
Consequently, following completion of the transaction and subject to adjustments at completion, B.P. Marsh expects to have additional funds available of approximately £18.37m (after transaction costs and tax). All of the above calculations are based on the August balance sheet, and therefore are subject to change. The Board of B.P. Marsh intends to continue to strike a balance between utilising funds for investment for long-term capital growth, whilst providing shareholders with a meaningful ongoing return.
 
Investment funds will be targeted to both the existing portfolio to enable those businesses to develop further and to pursue new opportunities. The current pipeline of new opportunities includes start-up and early stage, as well as more developed, businesses particularly within the insurance intermediary sector both in the UK and internationally. B.P. Marsh has expanded geographically in recent years and now holds investments in Australia, South Africa and Singapore as well as throughout the UK. The international strategy remains the same; to focus on territories with good opportunity for business development in partnership with a London investor and a suitably developed regulatory and compliance environment.
 
B.P. Marsh's investment and exit from Besso demonstrates the success of its strategy of investing for the long-term and working with management teams to achieve a mutually desirable exit at the optimum time. B.P. Marsh was instrumental in establishing Besso in 1995, funding a buy out from what is now the Jardine Lloyd Thompson Group, with an initial equity investment of £0.46m and further equity investment (net of redemptions) of £2.37m over the subsequent 21 years. Since the initial investment, B.P. Marsh has supported Besso's growth through a longstanding partnership and provision of working capital finance, including spearheading the buy-out of Wells Fargo in 2011 and international expansion with the opening of offices in Turkey and Brazil.  B.P. Marsh will continue its joint venture alongside Besso with its investment in Sterling Insurance (PTY) Limited which will be unaffected by this transaction.
 
Commenting, Brian Marsh OBE, B.P. Marsh's Executive Chairman, said:
"Our investment in Besso typifies our approach - long-term, collaborative and focused on delivering highly attractive results for all stakeholders. We have stuck with Besso through many ups and downs over the course of two decades, as we believe our investments to be a true partnership with the management team or individual we back. However, our partners at Besso have now reached the stage in the development of their group for which they need financial firepower which outstrips the resources that B.P. Marsh is able to supply.  Consequently, we are pleased that Besso has identified BGC as its future ongoing partner and we wish them well."
 

ST of IC today - I feel my target price of 230p is now looking increasingly conservative. Guidance is for a 10 per cent hike in the dividend per share to 3.76p, too, a payout clearly well supported by the ongoing strong investment performance and one that has seen the company grow NAV per share at a compound annual growth rate of 11.3 per cent since 1990. Buy.

B.P. Marsh & Partners PLC ORD 10P

07 Feb 2017 07:00:07



B.P. Marsh &Partners



RNS Number : 1683W

B.P. Marsh & Partners PLC

07 February 2017








Date: 7th February 2017

On behalf of: B.P. Marsh & Partners Plc

Embargoed until: 0700hrs

B.P. Marsh & Partners Plc

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

Trading Update

Trading Update

B.P. Marsh, the niche venture capital provider to early stage financial services businesses, is pleased to provide the market with an update on trading for the Group's financial year ended 31 January 2017.



Highlights



- Realisation of Besso investment

- Follow-on investments in Nexus and LEBC

- Investment in Asia Reinsurance Brokerage Pte, Singapore

- Start-up MGA investments in UK (Fiducia) and Canada (SSRU)

- Return of £7.3m Equity & £6.04m Loans in cash from Hyperion

- Increase in upper limit for new investments to £5m

- Dividend of 3.76p for the year as part of a 3 year programme

- Increased opportunity pipeline

- £4.4m net cash available



The year has been one of strong performance and important developments for the Group.



The Group will have significant cash to deploy going forward following the return from the Hyperion disposal and, subject to completion, the proceeds of the exit from Besso.



The portfolio businesses are performing well and the Group increased its positions in Nexus and LEBC during the year.



The Group continued its geographic expansion with new investments in Singapore and Canada and continues to see North America as an area of interest.



The business also streamlined the portfolio by disposing of non-core holdings in Randall & Quilter and Broucour.



The new opportunity pipeline remains strong and, in recognition of the expected cash inflow from Besso, the Board has agreed an increase in the upper limit for new investments from £3m to £5m in first round funding.



The Board will continue to strike a balance between rewarding shareholders by generating value through investing funds in opportunities that will deliver long-term capital growth and a sustainable ongoing dividend.



The Company's share price has increased by c. 35% from 1 February 2016 to the current date, and there has been a narrowing in the discount to NAV at which the Company's shares trade in the same period. The Board notes this improvement and intends to build on this performance in the coming year.



Investment Activity

Disposals

Conditional Disposal of Besso

The Group announced on 4 January 2017 that it had reached agreement to sell its entire 37.94% shareholding in Besso Insurance Group Limited ("Besso") for cash, with completion subject to, inter alia, regulatory approval. This is expected to result in estimated proceeds to the Group of £20.6m net of transaction costs and pre-tax. Additionally, the Group's outstanding loans with Besso will be fully repaid on completion. BGC Partners Inc. ("BGC") has agreed to acquire 100% of Besso, with ongoing management and employees rolling over a proportion of their existing Besso shareholdings into BGC shares.

Since the Company's announcement on 4 January 2017 the Besso transaction continues to progress to completion, and the Group expects to receive additional funds of approximately £18.37m (after transaction costs and tax). All of the above calculations are based on the August 2016 balance sheet, for illustrative purposes. The adjustments will be calculated on the basis of a completion balance sheet, and therefore these figures are subject to change.

B.P. Marsh's investment in and exit from Besso demonstrates the success of its strategy of investing for the long-term and working with management teams to achieve a mutually desirable exit at the optimum time.

Disposals of Broucour and R&Q

On 22 April 2016, the Group sold its 49% stake in The Broucour Group Limited ("Broucour"). Additionally, on 4 May 2016, the Group sold its 1.32% stake in Randall & Quilter Investment Holdings ("R&Q"). These decisions were made as the Group believed that these investments were non-core holdings.



Follow-on Investments



Nexus Underwriting Management Limited ("Nexus")



The Group acquired an additional 6.87% in Nexus, the independent specialty Managing General Agency (MGA) from two of the founding shareholders for a total consideration of £4m on 15 December 2016.



The Company made an initial investment in Nexus in August 2014, acquiring 5%, and since then has steadily built on this position with a number of follow on investments. The Group's current shareholding in Nexus stands at 18.8%.



Since investment in August 2014, Nexus has more than doubled in size from a premium, commission and EBITDA standpoint.



LEBC



The Group acquired an additional 8.02% stake in LEBC Holdings Limited ("LEBC") for £1.91m in June 2016, purchasing shares from legacy shareholders and increasing its stake to 42.68%. Additionally, in November 2016, the Group acquired a further 0.42% for £0.11m and the Group's holding in LEBC now stands at 43.03%.



LEBC Group Ltd, the trading subsidiary, has finalised its 30 September 2016 year-end results declaring a turnover of £15.4m and a trading profit of £2.1m for the year.



New Investments



Asia Re



The Group subscribed for a 20% shareholding in Asia Reinsurance Brokers (Pte) Limited ("ARB"), the Singapore headquartered independent specialist reinsurance and insurance risk solutions provider, for a consideration of SGD 2.4m on 21 April 2016.



Fiducia



The Company announced its investment in The Fiducia MGA Company ("Fiducia"), a recently established UK Marine Cargo Underwriting Agency, on 22 November 2016, subscribing for a 25% cumulative preferred ordinary shareholding for total consideration of £0.08m. In addition, the Company has agreed to provide Fiducia with total loan funding of £1.75m, with £0.35m drawn down upon completion.



SSRU



The Group's most recent investment, announced on 30 January 2017, was a subscription for a 30% Cumulative Preferred Ordinary shareholding in Stewart Specialty Risk Underwriting Limited ("SSRU"), a start-up Specialty Casualty Underwriting Agency, based in Toronto, Canada. The Company, alongside the nominal equity investment, has provided a loan facility of CAD $0.85m (c. £0.48m).



The investment represents the latest geographic expansion of B.P. Marsh's investment portfolio, with the North American continent now represented once again alongside Australia, Singapore, South Africa, Europe and the UK.



Investment Strategy



The Board has approved an increase in the Group's upper limit for new investments to £5m.



Having considered the Company's cash resources following the return of funds from Hyperion and the anticipated inflow from the disposal of Besso, the Board has agreed the Company should widen its investment criteria to consider investments up to £5m in the first round, an increase from the current £3m. This would apply to investments in established businesses with a strong track record. The Group will continue to look at start-ups, investing on a thinly capitalised basis.



All other investment criteria remain the same:

· To take minority positions in financial services intermediary businesses;

· Investments being relationship-driven and long-term;

· No set exit on investment; and

· Average holding period is 5 years, however, the longest has been over 20 years.



Dividend



The Board has recommended a dividend of 3.76 pence per share (£1.1m) for the financial year ending 31 January 2017.



This represents an increase of 10% over the dividend of 3.42p per share (£1m) paid in respect of the prior year.



It is the Board's aspiration to maintain a dividend of at least 3.76p per share for the years ending 31 January 2018 and 31 January 2019. This is subject to ongoing review and approval by the Board and the Shareholders.



When considering a dividend, the Board will continue to strike a balance between rewarding shareholders by generating value through investing available funds in opportunities that will deliver long-term capital growth and providing a meaningful dividend.



Share Buy-Backs

The Board continues to pursue a strategy of undertaking low volume share buy-backs at times when the Group's Share Price represents a significant discount to Net Asset Value. The Board considers that this is a useful stabilising mechanism during periods of market volatility.



As such, following the EU Referendum decision, the Group undertook a buyback of 5,726 ordinary shares of 10 pence each in the Company ("Ordinary Shares") at a price of 153.78 pence per Ordinary Share. These shares are held in Treasury.



New Business Opportunities and Outlook

The financial year closed with a total of 84 new opportunities presented to the Group during the year, in comparison with 71 in the previous year.



Having completed investment in two start-up MGAs and an established broker in Singapore during the year, the Group's attention is concentrated on investment in established businesses in the UK and continuing focus on the North American continent. The investment in Canada, SSRU, represents the first step back into the North American continent, however, following the Group's policy of expanding into territories where there is good opportunity for growth in partnership with a London-based investor and a suitably developed regulatory and compliance environment, North America continues to represent a logical opportunity base.



Cash Balance

The net cash available for investment after provision for tax and commitments currently stands at £4.4m before receipt of funds from the sale of Besso, which is expected to add additional funds of £18.37m net of transaction costs and tax.



Full year Results

The Group expects to report the results for the year to 31 January 2017 on Tuesday 6 June 2017.



Investments



As at 31 January 2017 the Group's equity interests were as follows:



Asia Reinsurance Brokers Pte Limited

(www.arbrokers.asia)

In April 2016 the Group invested in Asia Reinsurance Brokers Pte Limited ("ARB"), the Singapore headquartered independent specialist reinsurance and insurance risk solutions provider. ARB was established in 2008, following a management buy-out of the business from AJ Gallagher, led by the CEO, Richard Austen.

Date of investment: April 2016

Equity stake: 20%

31 July 2016 valuation: £1,345,000



Bastion Reinsurance Brokerage (PTY) Limited

(www.bastionre.co.za)

In December 2014 the Group invested in Bastion Reinsurance Brokerage (PTY) Limited ("Bastion"), a start-up Reinsurance Broker based in South Africa. Established in May 2013 by its CEO and Chairman, Bastion specialises in the provision of reinsurance solutions over a number of complex issues, engaged by various insurance companies and managing general agents.

Date of investment: December 2014

Equity stake: 35%

31 July 2016 valuation: £100,000



Besso Insurance Group Limited

(www.besso.co.uk)

In February 1995 the Group assisted a specialist team departing from insurance broker Jardine Lloyd Thompson Group in establishing Besso Holdings Limited. The company specialises in insurance broking for the North American wholesale market and changed its name to Besso Insurance Group Limited ("Besso") in June 2011.

Date of investment: February 1995

Equity stake: 37.94%

31 July 2016 valuation: £21,698,000*



*31 July 2016 valuation calculated on the Group's then 42.02% shareholding. On 9th September 2016 the Group sold £1.58m of shares being held on behalf of Besso meaning the current Group holding is now 37.94%.



Bulwark Investment Holdings (PTY) Limited

In April 2015 the Group, alongside its existing South African Partners, established a new venture, Bulwark Investment Holdings (PTY) Limited ("Bulwark"), a South African based holding company which establishes Managing General Agents in South Africa. To date Bulwark has established two new Managing General Agents: Preferred Liability Underwriting Managers (PTY) Limited and Mid-Market Risk Acceptances (PTY) Limited.

Date of investment: April 2015

Equity stake: 35%

31 July 2016 valuation: N/A



The Fiducia MGA Company Limited

(www.fiduciamga.co.uk)

In November 2016, the Group invested in a recently established UK Marine Cargo Underwriting Agency. Established by its CEO Gerry Sheehy, Fiducia is a registered Lloyd's Coverholder which specialises in the provision of insurance solutions across a number of Marine risks including, Cargo, Transit Liability, Engineering and Terrorism Insurance. Gerry was a founding shareholder and Executive Director of Northern Marine Underwriters ("NMU") and played a pivotal role in building that business up significantly before his departure in September 2015.

Date of investment: November 2016

Equity stake: 25%

31 July 2016 valuation: N/A



LEBC Holdings Limited

(www.lebc-group.com)

In April 2007 the Group invested in LEBC, an Independent Financial Advisory company providing services to individuals, corporates and partnerships, principally in employee benefits, investment and life product areas.

Date of investment: April 2007

Equity stake: 43.03%

31 July 2016 valuation: £11,522,000*



*31 July 2016 valuation calculated on the Group's then 42.63% shareholding. On 18th November 2016 the Group purchased another 0.4% for cash consideration of £0.11m increasing the Group's holding to 43.03%.



MB Prestige Holdings PTY Limited

(www.mbinsurance.com.au)

In December 2013 the Group invested in MB Prestige Holdings PTY Ltd ("MB Group"), the parent Company of MB Insurance Group PTY a Managing General Agent, headquartered in Sydney, Australia. MB Group is recognised as a market leader in respect of prestige motor vehicle insurance in all mainland states of Australia.

Date of investment: December 2013

Equity stake: 40%

31 July 2016 valuation: £1,746,000



Nexus Underwriting Management Limited

(www.nexusunderwriting.com)

In August 2014 the Group invested in Nexus Underwriting Management Limited ("Nexus"), an independent specialty Managing General Agency, founded in 2008. It now has five operating subsidiaries. Nexus Underwriting Limited provides Directors & Officers, Professional Indemnity, Financial Institutions and Accident & Health and Nexus CIFS Limited specialises in Trade Credit and Political Risks Insurance. In August 2015 EBA Insurance Services Limited was acquired, an MGA which operates predominantly in Italy and France and specialises in Surety, Bond and Latent Defect Insurance. Similarly, in November 2015 Nexus expanded into Asia, setting up Nexus Asia, and in December 2015 Nexus acquired Millstream Underwriting Limited, expanding their reach to the provision of bespoke Accident, Health, and Travel Insurance products. Most recently, in July 2016, Nexus acquired Beacon Underwriters Limited, a Hong Kong domiciled MGA that specialises in Marine Insurance.

Date of investment: August 2014

Equity stake: 18.8%

31 July 2016 valuation: £6,952,000*



*31 July 2016 valuation calculated on the Group's then 11.94% shareholding. On 15 December 2016 the Group purchased another 6.87% for cash consideration of £4m taking the holding up to 18.8%.



Property & Liability Underwriting Managers (PTY) Limited

(www.plumsa.co.za)

In June 2015 the Group completed an investment in Property And Liability Underwriting Managers (PTY) Limited ("PLUM"), a Managing General Agent based in Johannesburg, South Africa. PLUM specialises in large corporate property insurance risks in South Africa and is supported by both domestic South African insurance capacity and A-rated international reinsurance capacity.

Date of investment: June 2015

Equity stake: 42.5%

31 July 2016 valuation: £950,000*



*31 July 2016 valuation calculated on the Group's then 20% shareholding. On 5 October 2016 the Group purchased another 22.5% for cash consideration of £0.61m taking the holding up to 42.5%.



Sterling Insurance PTY Limited

(www.sterlinginsurance.com.au)

In June 2013, in a joint venture enterprise alongside Besso, (Neutral Bay Investments Limited) the Group invested in Sterling Insurance PTY Limited, an Australian specialist underwriting agency offering a range of insurance solutions within the Liability sector, specialising in niche markets including mining, construction and demolition.

Date of investment: June 2013

Equity stake: 19.7%

31 July 2016 valuation: £2,332,000



Stewart Specialty Risk Underwriting Ltd

In January 2017, the Group invested in a recently established Specialty Casualty Underwriting Agency, based in Toronto, Canada. Established in 2016, by its CEO Stephen Stewart, SSRU provides specialist insurance products to a wide array of clients in the Construction, Manufacturing, Onshore Energy, Public Entity and Transportation sectors. SSRU's CEO, Stephen Stewart, has over 25 years' experience in the insurance industry.

Date of investment: January 2017

Equity stake: 30%

31 July 2016 valuation: N/A



Summa Insurance Brokerage, S. L.

(www.grupo-summa.com)

In January 2005 the Group provided finance to a Madrid-based Spanish management team with the objective of acquiring and consolidating regional insurance brokers in Spain. Through acquisition Summa is able to achieve synergistic savings, economies of scale and greater collective bargaining thereby increasing overall value.

Date of investment: January 2005

Equity stake: 77.25%

31 July 2016 valuation: £3,735,000



Trireme Insurance Group Limited

(www.oxfordinsurancebrokers.co.uk)

(www.jhinternational.co.uk)

(www.abrax.ch)

In July 2010 the Group completed an investment in Trireme Insurance Group Limited (formerly known as US Risk (UK) Ltd), the parent company of Oxford Insurance Brokers Ltd and James Hampden International Insurance Brokers Ltd, London-based Lloyd's specialist international reinsurance and insurance intermediaries. Trireme Insurance Group Limited is also the parent company of Abraxas Insurance AG, a Swiss-based underwriting agency specialising in Directors & Officers Liability Insurance, Professional Liability Insurance, Insurance for Financial Institutions, Medical malpractice Insurance, Property Insurance and Event Insurance.

Date of investment: July 2010

Equity stake: 29.94%

31 July 2016 valuation: £2,529,000



Walsingham Motor Insurance Limited

(www.walsinghamunderwriting.com)

In December 2013 the Group invested in Walsingham Motor Insurance Limited ("WMIL"), a niche UK Motor Managing General Agency. WMIL was established in August 2012 and commenced trading in July 2013. In 2015 the Group acquired a further 10.5% equity, taking the current shareholding to 40.5%, and subsequently WMIL launched a £15m fleet facility with capacity from New India.

Date of investment: December 2013

Equity stake: 40.5%

31 July 2016 valuation: £200,000

ST of IC today -I continue to rate the shares a buy and have a 230p target price.

ST of IC today - So, with the cash pile equating to almost half the share price, its largest investments conservatively valued, and news on acquisitions imminent, BP Marsh's shares look well underpinned, so much so that I have raised my target price from 230p to 250p. Buy.

Results Tues 17 Oct. :-))

Interim Results
RNS
RNS Number : 7447T
B.P. Marsh & Partners PLC
17 October 2017
 
 
 
Date:                            17 October 2017
On behalf of:                 B.P. Marsh & Partners Plc
Embargoed until:           0700hrs
B.P. Marsh & Partners Plc
("B.P. Marsh", the "Company" or the "Group")
Interim Results
 
B.P. Marsh & Partners Plc, the niche venture capital provider to high growth businesses, announces its unaudited Group interim results for the six months to 31 July 2017 (the "Period").
 
The financial highlights for the Period are:
 
·    Net Asset Value ("NAV") at 31 July 2017 of £88.8m (31 July 2016: £73.8m)
·    Increased NAV per share of 304p (31 Jan 2017: 273p, 31 July 2016: 253p)
·    Increase in the equity value of the portfolio of 24.6% in the Period
·    12.8% total shareholder return (31 July 2016: 5.8%)
·    Significant rise in profit after tax (unaudited) of £10.2m (31 July 2016: £4m)
·    Final dividend of 3.76p per share declared and paid in July 2017
·    Dividend of 3.76p per share intended for year to 31 January 2018
·    Cash and treasury funds balance of £22m, of which £13.2m uncommitted
·    Current uncommitted cash of £8.6m available for investment
·    Increase to the top limit of funding to £5m from £3m
 
The portfolio highlights for the Period are:
 
·    New investments in CBC UK Ltd ("CBC") and XPT Group LLC ("XPT")
·    Disposals of Besso Insurance Group Limited ("Besso") and Trireme Insurance Group Limited ("Trireme") delivering combined proceeds of £32.0m before tax
·    Additional investment in LEBC Holdings Limited ("LEBC")
·    Follow-on funding to Nexus Underwriting Management Limited ("Nexus")
·    New investment post-period end in Mark Edward Partners LLC ("MEP")
 
Brian Marsh, B.P. Marsh Chairman, commented, "This solid set of results demonstrates substantial growth in our Investment Portfolio in line with our strategy to deliver value to shareholders

15:30 07/11/2017
Director Deals - B.P. Marsh & Partners PLC (BPM)
Brian Marsh, Chairman, bought 1,421,130 shares in the company on the 7th November 2017 at a price of 245.00p. The Director now holds 16,986,401 shares. NOTE: Connected company Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

16:55 04/12/2017
Director Deals - B.P. Marsh & Partners PLC (BPM)
Daniel Topping, Executive Director, bought 1,732 shares in the company on the 30th November 2017 at a price of 258.00p. The Director now holds 53,107 shares. Story provided by StockMarketWire.com Director deals data provided by www.directorsholdings.com

Trading update

Trading update