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/

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

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