Business
Further Progress at US Investee Company XPT Group
Further Progress at US Investee Company XPT Group.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \n \n RNS Number : 1390V\n B.P. Marsh & Partners PLC\n 05 August 2020\n \n \n \n \n 5 August 2020\n \n \n \n \n \n B.P. Marsh & Partners Plc\n \n \n (\"B.P. Marsh\", \"the Company\" or \"the Group\")\n \n \n \n \n \n Further Progress at US Investee Company XPT Group\n \n \n \n \n \n B.P. Marsh & Partners Plc (AIM: BPM), the specialist investor in early stage financial services businesses, is pleased to note the following updates from one of the Group's US investments, XPT Group LLC (\"XPT\"), in which it holds a 29.9% shareholding. XPT is a specialty lines insurance distribution business.\n \n \n \n \n \n Acquisition of Houston Surplus Lines\n \n \n In May 2020 Western Security Surplus (\"WSS\"), the boutique wholesale broker part of XPT, announced the acquisition of Houston Surplus Lines (\"HSL\"). \n \n \n \n \n \n HSL is an excess and surplus lines (\"E&S\") managing general agency. Founded in 1994, HSL has long-standing binding authority contracts with some of the very best A rated surplus lines carriers, along with a solid list of brokerage markets for the harder to place risks. \n \n \n \n \n \n This is the seventh acquisition undertaken by XPT and the second undertaken by WSS. It demonstrates WSS's commitment to the strategic growth of its specialty insurance distribution business and its expansion throughout California and Texas. \n \n \n \n \n \n WSS's President and CEO Kyle Stevens said that:\n \n \n \n \n \n \"We are excited to announce the addition of HSL to WSS. Since joining XPT Group, WSS has been successful in expanding on the West Coast and adding HSL outlines the commitment to continue this expansion throughout Texas. \n \n \n \n \n \n \"The knowledge and responsiveness of the HSL team make them a perfect complement to WSS while we mutually maintain our high level of service. This is another step in strengthening our position in one of the largest E&S marketplaces in the country\"\n \n \n \n \n \n Platinum Trucking Program\n \n \n XPT's subsidiary, W.E. Love & Associates (\"W.E. Love \"), has launched a new trucking program, named Platinum Trucking, alongside Watford Insurance Company (\"Watford\"), a New Jersey domiciled admitted carrier with A- rated paper. \n \n \n \n \n \n This n...