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LONDON (Alliance News) - Venture capitalist BP Marsh & Partners PLC on Friday said investee XPT Group LLC has bought a US-based insurance firm.
XPT, in which BP Marsh has a 35% stake, has bought the entirety of New York-based SVA Underwriting Services Inc, which is a Managing General Agent and Lloyd's of London coverholder.
SVA focuses on physical damage and cargo cover in the trucking sector, and will provide XPT with an expansion into the north-east and Midwest of the US.
As part of the deal, BP Marsh will provide XPT with USD2.5 million of new funding through newly redeemable preference shares.
BP Marsh Chief Investment Officer Dan Topping said: "We are delighted XPT has undertaken its third acquisition with the conclusion of the deal with SVA.
"This acquisition, alongside the previous two, embodies what XPT is doing to develop its synergistic presence in the US specialty insurance market."
