Business
Investment in JMD
Investment in JMD.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n B.P. Marsh & Partners PLC\n05 March 2007\n\n\nDate: 5th March 2007\n\nOn behalf of: B.P. Marsh & Partners Plc ('B. P. Marsh' or the 'Company')\n\n\nB.P. Marsh & Partners Plc\n\nInvestment in JMD Specialist Insurance Services Group Ltd\n\n\nB. P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early\nstage financial services businesses, announces that it has acquired an equity\ninterest of 25% in JMD Specialist Insurance Services Group Ltd ('JMD'), for a\nconsideration of £0.6m. Whilst the Company has made several investments in its\nexisting portfolio, this transaction represents the first new investment made by\nB.P. Marsh since it floated on AIM in February 2006.\n\n\nJMD is a specialist accelerated premium collection service based in London. It\nprovides a unique approach to the acceleration of insurance cash flow as well as\neffective balance sheet management such as managing outstanding loss reserves\nthrough the use of its bespoke insurance software. Its services include:\n\n\n- premium collection and control\n\n- facility management\n\n- reinsurance recoveries\n\n- outstanding loss reserves review\n\n- commutations\n\n- closed year collections\n\n- broker performance review\n\n- coverholder reviews\n\n- legacy wordings\n\n\nB.P. Marsh is funding the investment using its existing cash resources. In line\nwith the Company's investment approach, a B.P. Marsh director will join the\nboard of JMD.\n\n\nCommenting on the investment, Brian Marsh OBE, BP Marsh's Chairman, said:\n\n\n'JMD has enjoyed a strong reputation in the market for the quality of its\npeople, services and systems. Its proven track record of achieving measurable\nprofit enhancements for its clients and excellent management team makes JMD a\nvery attractive investment proposition. We are delighted to provide the support\nneeded to enable them to exploit certain opportunities available to them. '\n\n\nJohn Dewen, Chief Executive of JMD, commented:\n\n\n'The Group is now embarking upon the next stage of its strategic development and\nwe are delighted that BPM, a niche investor in the insurance industry, shares\nour vision for the future. Insurance market reforms and the current appetite for\nchange are presenting a number of opportunities for the Group and BPM's\ninvolvement ensures that we will be able to progress them t...