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LONDON (Alliance News) - BP Marsh & Partners PLC Wednesday said it has subscribed for a 35% holding in Bulwark Investment Holdings Ltd.
The new venture, alongside the group's existing South African partners, Bastion Reinsurance Brokerage (PTY) Ltd, is the holding company for various managing general agents in South Africa, BP Marsh said.
BP Marsh said that funded via a GBP0.5 million loan facility, Bulwark has drawn down upon GBP0.2 million to support the establishment of two new managing general agents, Preferred Liability Underwriting Managers (PTY) Ltd and Mid-Market Risk Acceptances (PTY) Ltd.
Preferred specialises in commercial general liability insurance across the corporate and commercial sector, while MMRA specialises in property insurance across the middle market and small and medium-sized enterprise sector in South Africa.
"We are very pleased to be working with our existing South African partners to expand our position in South Africa," BP Marsh Chairman Brian Marsh said in a statement.
Shares in BP Marsh were trading down 0.7% at 139.55 pence Wednesday afternoon.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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