LONDON (Alliance News) - BP Marsh & Partners PLC said Wednesday that it has acquired a further 5% stake in Nexus Underwriting Management Ltd for GBP1.6 million, taking its total holding in the company to 9.8%.
The venture capital provider first took a stake in Nexus, a speciality Managing General Agency, in August 2014.
"I am pleased to conclude this round of funding which will allow Nexus to pursue their ongoing growth strategy and, we anticipate, will continue to deliver significant underlying growth to the Group's Net Asset Value. This investment underlines B.P. Marsh's strategy of providing growth finance to specialist financial intermediaries, to which we have unrivalled access through our niche area of operation," said Executive Director Daniel Topping in a statement.
Topping is BP Marsh's nominee director on Nexus' board.
Shares in BP Marsh are trading down 2.9% at 146.15 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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B.p Marsh (BPM)