Business
Investee Company update
Investee Company update.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 7316F B.P. Marsh & Partners PLC 30 October 2018 \n\nDate: 30 October 2018\nOn behalf of: B.P. Marsh & Partners Plc (\"B.P. Marsh\" or the \"Company\") \n \nB.P. Marsh & Partners Plc\nInvestee Company update\n \nB.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 further 1.9% in Nexus Underwriting Management Limited (\"Nexus\") for a cash consideration of £2.5m. The value of this transaction is in line with B.P. Marsh's valuation of Nexus as at 31 July 2018. \n \nThe shares have been purchased from Hugh Morland, a Non-Executive Director of Nexus, and following the purchase the Company has an aggregate shareholding of 18.5%. \n \nNexus continues its growth path and has recently announced the acquisitions of Huntington Underwriting Limited, an Asian specialty reinsurance underwriting agency on 6 September 2018 and Altitude Risk Partners LLP, an aviation underwriting agency headquartered in London on 7 September 2018. \n \nFollowing these transactions, Nexus estimates that for the year ending 31 December 2018, the business will underwrite premium income of $350m across 15 specialised classes of business and deliver income of approximately £41m and EBITDA of approximately £15m. \n \nB.P. Marsh noted in its Trading Update in February 2018 that Nexus was considering options available for a potential liquidity event; this has been duly explored, with the Board of Nexus reaffirming its existing growth strategy in line with its continuing shareholder base.\n \nThe outcome of this strategic review has the full support of B.P. Marsh, which is emphasised by this additional share purchase. \n \nDaniel Topping, B.P. Marsh's Chief Investment Officer and the Company's nominee director on the Board of Nexus commented; \"We are pleased to increase our shareholding in Nexus, as it continues on its exciting growth trajec...