Business
Investment in MB Insurance Group PTY Ltd
Investment in MB Insurance Group PTY Ltd.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 7375V B.P. Marsh & Partners PLC 17 December 2013 \n\nDate: 17th December 2013\nOn behalf of: B.P. Marsh & Partners Plc (\"B.P. Marsh\", \"the Company\" or \"the Group\")\n \nImmediate release\nB.P. Marsh & Partners Plc\nInvestment in MB Insurance Group PTY Ltd\n \nB.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, is pleased to announce that it has acquired a 40% equity position in MB Insurance Group PTY Ltd (\"MB Group\") for AU$0.8m. \n \nMB Group is a Managing General Agent (MGA), headquartered in Sydney, Australia. MB Group is recognised as a market leader in respect of prestige motor vehicle insurance in all mainland states of Australia.\n \nB.P. Marsh have partnered with MB Group's management team to buy out an existing shareholder, delivering a 60% shareholding to MB Group's management team and 40% to B. P. Marsh. \n \nThe Chairman of MB Group, Bob Lee, has a 40 year track record in the industry and was formerly CEO of Stardex Insurance Group, which under his leadership became the largest independent underwriting agency in Australia and New Zealand, and has held other senior roles in the insurance industry arena with RSA and AMP.\n \nMB Group's Managing Director, Mike Mathews, has over 30 years' experience in the insurance industry having held a number of senior positions at AMP and NZI Insurance. \n \nFor the year ending 31st December 2012, MB Group produced operating revenue of AU$2.4m and achieved profits of AU$0.93m.\n \nIn addition to the equity investment, B.P. Marsh has agreed to provide MB Group with loan funding of AU$1.4m.\n \nThe investment will be used to develop MB Group's market leader position by delivery of new products and using their extensive broker network as a platform for success.\n \nDan Topping will join the Board of MB Group as a Non-Executive Director.\n \nThis investment increases B.P. Marsh's portfolio to 12 companies. \n \nCommenting on the transaction Brian Marsh Chairman of...