B.p Marsh Regulatory News (BPM)

28 April 2023

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

New Investment - Verve Risk Services Limited ("Verve")

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses is pleased to announce that it has acquired a 35% Cumulative Preferred Ordinary shareholding in Verve Risk Services Limited ("Verve"), a London-based Managing General Agency.

B.P. Marsh has provided £1m of funding via a mixture of equity and a loan facility, which will be drawn down in full upon completion as part of a management buy-out.

Verve specialises in Professional and Management Liability business for the insurance industry in the USA, Canada, Bermuda, Cayman Islands and Barbados.

Established in 2016, by Scott Simmons and Alan Lambert, Verve Risk Partners LLP had been an underwriting cell within Castel Underwriting Agencies Limited ("Castel"). Following the exclusive support from B.P. Marsh, Verve has completed a buyout from Castel, with Management owning the remaining 65% of Verve.

Scott Simmons, Director of Verve, has over 20 years' experience in underwriting US Management and Professional liability lines, having previously worked as an underwriter for AIG and subsequently establishing a US Professional and Management liability unit with Aquila Underwriting.

Alan Lambert, Director of Verve, has specialised in US Professional, Financial and Management Liability insurance for 25 years, having started his career as a broker servicing open-market placements and delegated binding authorities. Alan Lambert subsequently underwrote on behalf of both London and US-based carriers before joining Scott Simmons at Aquila Underwriting.

Dan Topping, Chief Investment Officer of the Company, commenting on this investment, stated:-

"We are very pleased to partner with a motivated Management Team with a long-established business, a strong client base and significant upside potential. We look forward to working with Scott and Alan over the coming years in developing the business."

Scott Simmons and Alan Lambert, joint co-Founders and Directors of Verve, commented:-

"We are delighted to have B.P. Marsh as a partner in Verve to support us in achieving our long term ambitions and goals, as set out in our business plan.

B.P. Marsh brings to Verve more than a financial investment, and the team brings a significant amount of insurance experience and expertise.

Over the coming years, Verve is looking to expand, diversifying its revenue streams across additional product lines, ultimately developing Verve into a highly specialised underwriting agency with wide market recognition. We see B.P. Marsh as the perfect partner to assist us in bringing about this growth."

For further information:

Notes to Editors:

B.P. Marsh's current portfolio contains sixteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for approaching ten years.

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