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/

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.
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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