B.P. Marsh & Partners PLC Investee Company Update - Nexus Underwriting (1326L)
January 11 2021 - 1:00AM
UK Regulatory
TIDMBPM
RNS Number : 1326L
B.P. Marsh & Partners PLC
11 January 2021
Date: 11 January 2021
On behalf of: B.P. Marsh & Partners PLC ("B.P. Marsh" , "the
Company" or "the Group" )
B.P. Marsh & Partners Plc
Investee Company Update - Nexus Underwriting Management
Limited
B.P. Marsh, the specialist investor in early-stage financial
services businesses, is pleased to announce that on 30 December
2020, its investee company Nexus Underwriting Management Limited
("Nexus"), the leading independent specialty Managing General
Agent, completed the acquisition of the Hiscox MGA Marine business
("Hiscox Marine") from Hiscox Ltd, the listed international
specialist insurer.
This expert team provides yacht and marine trades insurance and
will become an integral part of Millstream Underwriting Limited
("Millstream"), a Nexus Group company which specialises in consumer
insurance
Hiscox Marine was established in 2012 and is led by Paul Miller
who has more than 35 years' experience in the yacht market,
including eight years on the Joint Hull Committee and five years as
Chairman of the Inland Hull, Fishing vessels and Yachts Committee.
Five other members of the original team have transferred to
Millstream as part of the acquisition, bringing to Nexus a
market-leading team that enjoys continuity and considerable
expertise in this specialist class of business.
Since B.P. Marsh first invested in Nexus in August 2014, their
business has grown from a Gross Written Premium of GBP50m to a
budgeted figure of GBP344m in 2020. Over the same period, Nexus'
EBITDA has increased from GBP2.6m to a forecast of GBP14.5m in
2020.
At its most recent valuation on 31 July 2020, B.P. Marsh valued
its 18.1% shareholding in Nexus at GBP40.3m, which represents an
increase of GBP29.2m over the total amount invested.
Colin Thompson, Founder and Group CEO of Nexus, commented:
"The completion of this deal marks Nexus' 18th acquisition since
its inception and is a fantastic way to close out 2020. As we look
to grow from a $500 million GWP MGA today towards a $1billion GWP
MGA in 2023, this is exactly the sort of sizeable specialty
business with significant underwriting pedigree that we will be
looking to partner with moving forwards."
Commenting on the recent activity, the Group's Chief Investment
Officer and Nominee Director on the Board of Nexus, Daniel Topping,
commented:
"The acquisition of the Hiscox Marine team continues to
demonstrate the ability of the Nexus team to grow their business,
both organically and via acquisitions. B.P. Marsh are fully
supportive of Management's goal to achieve Gross Written Premium
income of $1 billion.
"Our investment in Nexus highlights the benefits of investing in
ambitious management teams and entrepreneurs at the early stage of
their businesses as long term partners, creating value for both
B.P. Marsh investors and the investee company alike."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon (UK) Limited
Atholl Tweedie / Charles Leigh-Pemberton +44 (0)20 7886 2500
/ Ailsa Macmaster
Financial PR/Investor Relations bpmarsh@tavistock.co.uk
Tavistock +44 (0)20 7920 3150
Simon Hudson / Tim Pearson
Notes to Editors:
About B.P. Marsh & Partners Plc
B.P. Marsh's current portfolio contains eighteen 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 approaching ten years.
- Ends -
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