|
BP Marsh & Partners PLC on Friday said it has made an investment into its US-based investee company XPT Group LLC’s new platform, describing the move as a ‘natural extension’ of their partnership. The London-based private equity firm, investing in early-stage financial services businesses, said it will subscribe for a 35% shareholding in the new vehicle, XPT Producer Acquisition Co LLC, for a nominal sum of $3,500. It said this would be structured as cumulative preferred shares. BP Marsh & Partners invested in the specialist insurance distribution platform for property and casualty insurance back in June 2017. The new platform has been established by XPT to recruit and incubate new producers, said BP Marsh, enabling XPT to accelerate its growth strategy of bringing on ‘experienced, quality, revenue generating producers’. Further, BP said it has agreed to provide a loan up to $12.5 million over a two-year period, with an interest rate of 6.5% above the secured overnight financing rate, and a minimum rate of 10% per year. $3.5 million will be drawn down from the facility on completion, said BP Marsh, with further drawdowns anticipated in the fourth quarter of 2025, and 2026. Chief Investment Officer at BP Marsh, Dan Topping, is set to join the board of XPT Producer Acquisition, said the company. Shares in BP Marsh & Partners were 0.3% lower at 683.10 pence on Friday morning in London. ‘This investment is a natural extension of our long-standing partnership with XPT, with the Producer Acquisition Co solving a structural challenge around onboarding new revenue producers,’ said CIO Topping. ‘Both initiatives align with our approach of backing entrepreneurial management teams with capital solutions tailored to their growth ambitions. We are pleased to continue supporting Tom Ruggieri and the XPT team in building a best-in-class specialty platform.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
