Business
Replacement - Investment in U
Replacement - Investment in U.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n RNS Number : 3925N B.P. Marsh & Partners PLC 10 June 2010 \n \n\nDate: 10 June 2010\nOn behalf of: B.P. Marsh & Partners Plc (\"B. P. Marsh\" or the \"Company\")\n \nThe RNS announcement 3616N released on 10 June 2010 at 07.00 contained an error regarding the companies that the two B.P. Marsh & Partners Plc board representatives will join. All other details remain unchanged and the corrected version of the announcement, in respect of B.P. Marsh & Partners Plc, is as follows:\n \nB.P. Marsh & Partners Plc\nReplacement - Investment in Insurance Broker \n \nB.P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early stage financial services businesses, today announces that, subject to FSA approval, it has acquired a 30% equity stake in U.S. Risk (UK) Limited (\"U.S. Risk\") for a cash consideration of £1,396,417. \n \nU.S. Risk is the parent company of NCG Professional Risks Limited (\"NCG\"), a London based Lloyd's insurance and reinsurance broker. The investment will be used to drive NCG's growth plans to diversify the business further and strengthen its core areas of focus: professional indemnity, North America, special risks and reinsurance.\n \nB.P. Marsh's investment consists of an equity investment of £1,396,417 together with an agreement to provide additional funding of up to £1,950,000, subject to conditions. B.P. Marsh financed the initial equity investment from existing cash resources (not from the recently announced Directors Loan).\n \nThis investment increases B.P. Marsh's portfolio to 10 companies.\n \nRandall Goss is the founder of U.S. Risk Insurance Group Inc and Executive Chairman of NCG Professional Risks Ltd, and Neill Cotton is the Managing Director of NCG. For the year ended 31 December 2009 NCG reported audited turnover of £5.6m with profit after tax of £556,716.\n \nAs is consistent with the Company's investment approach, two B. P. Marsh representatives, Brian Marsh and Daniel Topping, will join the boards of U.S. Risk and NCG.\n \nCommenting on the investment, Brian Marsh OBE, B.P. Marsh's Chairman, said:\n \n\"This is an excellent investment opportunity with a good management and business plan that fits with our tried and tested business strategy. It has a clear ...