B.p Marsh Share News (BPM)

LONDON (Alliance News) - BP Marsh & Partners PLC on Wednesday said it expects no negative impact from Brexit despite a decline in net asset value per share in the first financial half of 2018.

The company said its investment portfolio is geographically diverse as it continues to invest in early stage financial services intermediary businesses across the UK, Europe, US, Singapore, Australia, Canada and South Africa.

In the six months to the end of July, BP Marsh & Partners took a 20% stake in Australian-based insurance provider ATC for AUD5 million, about GBP2.8 million. For the year ended June 2017, ATC reported gross written premium of AUD47 million.

BP Marsh & Partners said its NAV per share stood at 321 pence as at July 9, down from 339p reported at the end of January. The stock was trading 1.2% higher on the day Wednesday at 299.45 pence per share.

The company said it intends to maintain an interim payout at 4.76p.

Looking forward, the company said it continued to see a strong flow of new investment opportunities, both in the UK and internationally, and remains in talks on a number of these.

"The investment portfolio now has geographic representation in the UK, Europe, US, Singapore, Australia, Canada and South Africa, which the group believes represents a solid international framework and makes it well-positioned to take advantage of global economic growth," BP Marsh & Partners said in the statement.

"The group anticipates no adverse consequences to its existing business from the withdrawal of the UK from the EU," the company added.

BP Marsh & Partners will publish its first-half results on October 16.