Business
Investment in EC3 Brokers
Investment in EC3 Brokers.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 5257Z B.P. Marsh & Partners PLC 18 December 2017 \n\nDate: 18th December 2017\nOn behalf of: B.P. Marsh & Partners Plc (\"B.P. Marsh\", the \"Company\" or the \"Group\")\n \nB.P. Marsh & Partners Plc\nInvestment in EC3 Brokers \n \nThe Board of B.P. Marsh & Partners Plc, the venture capital provider to early stage financial services businesses (AIM: BPM), is pleased to announce an investment into EC3 Brokers Limited (\"EC3\") through a newly established company, EC3 Brokers Group Limited. This transaction has resulted in the Company taking an effective 20% equity stake in EC3 for a total cash consideration of £5m, in a mixture of Preferred and Ordinary shares. \n \nEC3 is an independent specialist Lloyd's broker and reinsurance broker which provides services to a wide array of clients across a number of sectors, including construction, casualty, entertainment and cyber & technology. EC3 has a focus in the US, UK and Middle Eastern markets. \n \nEC3 was founded by its current Chief Executive Officer Danny Driscoll, who led a management buyout to acquire EC3's then book of business from AJ Gallagher in 2014. Since this Management Buy Out, EC3 has grown rapidly and for the year ended 31st December 2016, EC3 reported revenue of £8.1m and EBITDA of £2.8m. Mr. Driscoll has over 26 years' experience in the insurance market having held positions at Integro Insurance Brokers, Gallagher Re and Aon Benfield. \n \nCommenting on the investment Brian Marsh, B.P. Marsh Chairman stated, \"We are pleased to be taking this stake in EC3, a company with an accomplished and experienced management team. We look forward to working with them to develop their business.\"\n \nDan Topping, B.P. Marsh Chief Investment Officer, who has been appointed to the Board of EC3 commented, \"This is a classic type of investment for B.P. Marsh, investing in an experienced Management Team with a strong plan for growth. B.P. Marsh are also pleased to be investing in another Lloyd's broker, to which we can bring our corporate experience and knowledge. I am looking forward to working with Danny Driscoll a...