B.P. Marsh & Partners PLC Investment -- Ai Marine Risk Limited (5165Y)
January 03 2024 - 4:25AM
UK Regulatory
TIDMBPM
RNS Number : 5165Y
B.P. Marsh & Partners PLC
03 January 2024
3 January 2024
B.P. Marsh & Partners Plc
("B.P. Marsh", "the Company" or "the Group")
Investment - Ai Marine Risk Limited
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 30% Cumulative Preferred
Ordinary shareholding in Ai Marine Risk Limited ("Ai Marine"), a
London-based Managing General Agency ("MGA").
B.P. Marsh has agreed to provide up to GBP1.6m of funding via a
mixture of equity and a loan facility, which will be partially
drawn down upon completion. As part of this transaction, Abi
Benson, an Investment Director and Executive Director of B.P. Marsh
& Company Ltd, will be the nominee Non-Executive Director on
the Board of Ai Marine.
Ai Marine specialises in Marine Hull insurance and will
underwrite a global portfolio of business with a strong focus on
the UK & Europe, Middle East and Asia-Pacific regions, and has
been established by Tom Fulford-Smith and Charles D'Alton.
With the support of B.P. Marsh, Ai Marine's Management intends
to build a market-leading, client-centric marine MGA. The business
is headquartered in London, with a distribution centre in
Scandinavia, with the aim to deliver risk solutions to a global
portfolio of marine clients.
Ai Marine has secured A-rated capacity from a number of
carriers, with the delivery of long-term profitability and
sustainability for its insurer/reinsurer partners being a central
part of Ai Marine's business plan.
The Co-founders, Tom Fulford-Smith and Charles D'Alton are
experienced marine insurance specialists with a track record of
delivering growth. Tom started his career in 2001 as a marine
insurance broker at Willis before heading to Hong Kong to join FP
Marine in 2007. He was appointed Head of Marine for Cooper Gay Hong
Kong in 2011. Charles started his career in 2006 as a shipbroker at
Maersk Broker before joining the Standard Club in 2009 where he was
made Underwriting Director for the Club's Asia Pacific syndicate.
In 2014, Tom and Charles founded Latitude Brokers Limited, a marine
insurance brokerage with offices in Hong Kong and Singapore which
they led for 8 years. Following the sale of Latitude to Filhet
Allard Maritime (Bordeaux), Tom and Charles left the company to
establish Ai Marine where they will draw on their strong networks
within the global ship-owning and insurance broking communities to
drive profitable growth.
Jonny Moss joins Ai Marine as Chief Underwriting Officer, having
most recently held the position of Senior Underwriter at Norwegian
Hull Club's London office. A Naval Architect by training, Jonny
started in the marine insurance sector with XL Catlin in 2016
having previously worked for five years in the maritime defence
sector on the design and consultancy of submarines and
warships.
Dan Topping, Chief Investment Officer of the Company, commenting
on this investment, stated:-
"We are very pleased to be making this investment in Ai Marine
and are looking forward to working with Tom and Charles, to enable
Ai Marine to deliver substantial growth and robust results over the
coming years."
Charles D'Alton and Tom Fulford-Smith, Co-founders of Ai Marine,
commented:-
"We are excited to enter into this partnership with B.P. Marsh.
They are a strong team with a proven record of sound investments
and sustainable strategic partnerships.
With their support, we look forward to achieving our long-term
goals".
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Stephen Jones / Amrit
Mahbubani / Ailsa MacMaster +44 (0)20 7886 2500
Financial PR & Investor Relations
Tavistock bpmarsh@tavistock.co.uk
Simon Hudson / Tim Pearson / Katie Hopkins +44 (0)20 7920 3150
Notes to Editors:
B.P. Marsh's current portfolio contains fifteen 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.
- Ends -
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