B.P. Marsh & Partners PLC Investee Company Update (2194D)

TIDMBPM

RNS Number : 2194D

B.P. Marsh & Partners PLC

29 January 2018

   Date:                29(th) January 2018 
   On behalf of:    B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group") 

B.P. Marsh & Partners Plc

Investee Company Update - XPT Group LLC

B.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that XPT Group LLC ("XPT"), in which the Group owns a 35% shareholding, has acquired W.E. Love & Associates, Inc. ("W.E. Love"), a Managing General Agency.

Founded in 1982, W.E. Love is a family-owned business located in Burlington, North Carolina. W.E. Love specialises in Trucking Liability and Physical Damage & Motor Truck Cargo, partnering with a number of insurance markets in the United States.

This acquisition was funded via a proportion of the Group's investment in XPT and bank financing.

The acquisition of W.E. Love, the second undertaken by XPT in the last three months, follows the acquisition of Western Security Surplus Insurance Brokers, Inc. ("WSS"), the Wholesale Broker and Managing General Agency, based in Dallas and Los Angeles, as announced by the Group in November 2017.

These transactions are part of XPT's strategic plan to develop a wholesale insurance broking and underwriting agency platform across the U.S. Specialty Insurance Sector. This second acquisition further demonstrates XPT's ability to take advantage of the significant consolidation opportunities in the small-to-medium-sized wholesale space in the U.S.

Dan Topping, B.P. Marsh's Chief Investment Officer and the Company's representative at XPT, commented: "B.P. Marsh is pleased to announce XPT's second acquisition with the completion of W.E. Love. The acquisitions of WSS and W.E. Love represent the continuation of XPT's strategy to develop their presence in the U.S. specialty insurance market".

Commenting on the acquisition, XPT's CEO Thomas Ruggieri stated "We are pleased to partner with one of the most experienced, successful, tech enabled commercial transportation platforms in the USA. John Love joins Kyle Stevens as evidence of the unique collaborative partnership we are building. In B.P. Marsh we are fortunate to have an experienced financial partner enabling us to develop our individual approach. B.P. Marsh's vision, advice and support continue to be critical to our success".

For further information:

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

Brian Marsh OBE / Camilla Kenyon [phone]

Nominated Adviser & Broker

Panmure Gordon

   Atholl Tweedie / Charles Leigh-Pemberton / Adam James                     [phone] 

About B.P. Marsh & Partners Plc

B.P. Marsh's current portfolio contains sixteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 25 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for at least five years.

Prior to Brian Marsh's involvement in the Company, he spent many years in insurance broking and underwriting in Lloyd's as well as the London and overseas market. He has over 30 years' experience in building, buying and selling financial services businesses, particularly in the insurance sector.

Alice Foulk joined B.P. Marsh in September 2011 having started her career at a leading Life Assurance company. In 2014 she took over as Executive Assistant to the Chairman, running the Chairman's Office and established herself as a central part of the management team.

In February 2015 she was appointed as a Director of B.P. Marsh and a member of the Investment Committee. In January 2016 Alice was appointed Managing Director of B.P. Marsh.

In her position as Managing Director, Alice is responsible for the overall performance of the Company and monitoring the Company's overall progress towards achieving the objectives and goals of the Company, as set by the Board.

Dan Topping is the Chief Investment Officer of B.P. Marsh, having been appointed as a Director in 2011. He joined the Company in February 2007, following two years at an independent London accountancy practice. Dan is the Senior Executive with overall responsibility for the portfolio and investment strategy of B.P. Marsh.

Dan graduated from the University of Durham in 2005 and is a member of the Securities and Investment Institute and the Institute of Chartered Secretaries and Administrators.

Dan is a standing member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director across the portfolio.

Camilla Kenyon (Millie) was appointed to the main Board in 2011, following her appointment as Head of Investor Relations in 2009. She has dual responsibilities within the Group, running both Investor Relations and the New Business Department and is Chair of the New Business Committee evaluating new investment opportunities.

Millie is nominee director in one investee company and is a member of the Investment Committee. She has over 20 years of experience in the financial services industry, including numerous Board appointments and is a Member of the Investor Relations Society.

Jonathan Newman is a Chartered Management Accountant and is the Group Director of Finance and has over 17 years' experience in the financial services industry. Jon graduated from the University of Sheffield with an honours degree in Business Studies and joined the Group in November 1999, following two years at Euler Trade Indemnity and two years at a Chartered Accountants. Jon is a Member of the Chartered Global Management Accountants, the Chartered Management Accountants and the Chartered Institute of Securities and Investment.

Jon was appointed a Director of B.P. Marsh & Company Limited in September 2001, and Group Finance Director in December 2003 and was instrumental in the admission of the Group to AIM in February 2006. Jon is a member of the B.P. Marsh Investment and Valuation Committees and currently serves as a Board Director for Walsingham Motor Insurance Limited, and provides senior financial support and advice to all companies within the Group's portfolio as well as evaluating new investment opportunities.

- Ends -

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January 29, 2018 07:38 ET (12:38 GMT)