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LONDON (Alliance News) - BP Marsh & Partners PLC on Monday said it has subscribed for a further investment in Nexus Underwriting Management Ltd, an independent specialty managing general agency, for GBP1.5 million.
The venture capital company, which invests in early stage financial services businesses, said has subscribed for 111,850 new preferred ordinary shares in Nexus. That gives BP Marsh a 13.7% stake in Nexus.
"The group has provided this finance in connection with a proposed acquisition by Nexus, in line with the group's strategy to increase its shareholding over time in support of Nexus's growth aspirations. The company will announce further details of this transaction in due course," BP Marsh said in a statement.
"Additionally, this investment has also allowed Nexus to acquire shares from certain members of Nexus' management team, allowing long standing employees to realise a proportion of their holding," the company added.
Shares in BP Marsh were untraded at 149.50 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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