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.
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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