Business
Portfolio Update
Portfolio Update.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \n \n RNS Number : 5196L\n B.P. Marsh & Partners PLC\n 30 April 2020\n \n \n \n \n 30th April 2020 \n \n \n \n \n \n \n \n \n \n B.P. Marsh & Partners Plc\n \n \n \n \n (\"B.P. Marsh\", \"the Company\" or \"the Group\")\n \n \n \n \n \n \n Portfolio Update\n \n \n \n \n \n Repayment of Loan:\n \n \n B.P. Marsh (AIM: BPM), the specialist investor in early stage financial services businesses, is pleased to note the recent receipt of a £2m Loan Repayment from Nexus Underwriting Management Limited (\"Nexus\").\n \n \n \n \n \n The Company provided Nexus with a £2m Revolving Credit Facility in April 2019 (the \"Loan Facility\") as part of a wider £16m fundraising exercise, alongside the global investment firm HPS Investment Partners LLC. This was undertaken in order to provide Nexus with sufficient capital to pursue its growth strategy via value accretive acquisitions.\n \n \n \n \n \n The Loan Facility was drawn down in full and has now been repaid by Nexus, eight months earlier than the scheduled repayment date. The Loan Facility will remain in place until December 2020.\n \n \n \n \n \n The Loan Facility is in addition to a further £4m facility that the Group provided to Nexus in July 2017, which is due for repayment by January 2024.\n \n \n \n \n \n The Group holds an aggregate Nexus shareholding of 17.6%, having bought an initial shareholding of 5% in August 2014. Since the Group's initial investment, Nexus has become one of the largest independently owned Managing General Agencies in the UK insurance market, growing from approximately £50m of premium income in 2014 to a budgeted £345m of premium income in 2020. This premium income is generated across various specialty areas including Financial Lines, Reinsurance, Trade Credit, Marine and Aviation insurance.\n \n \n \n \n \n When the Group made its first investment in Nexus, it was operating one London office. Nexus now has offices in 9 countries across Europe, America and Asia.\n \n \n \n \n \n In addition, on 9\n \n th\n \n \n March 2020 Nexus announced that its independent broking arm, Xenia Broking Group Limited (\"Xenia\"), completed the acquisition of the trade credit business of Howden UK Group Limited (\"Howden\"), part of Hyperion Insurance Group...