52 slides from B.p. Marsh & Partners's earnings presentation, Jun 10, 2025
Slide 1: Annual Results
Annual Results For the year ended 31 January 2025 Dan Topping, Chief Investment Officer Francesca Chappell, Chief Finance Officer 10th June 2025
Slide 2: Overview to B.P. Marsh
Overview to B.P. Marsh Our Purpose: Our Team: Our Story: Our Investment Strategy: B.P. Marsh is a specialist private equity B.P. Marsh comprises highly experienced B.P. Marsh commenced business in We take a long-term view, with an average investor in early-stage financial services leaders in the fin
Slide 3: Performance: Net Asset Value (NAV)
Performance: Net Asset Value (NAV) £350m Full Year Half Year £326.41m £300m £250m 11.1% average growth £252.87m £229.17m £200m £203.45m £189.54m £179.77m £166.61m £150m £154.98m £149.91m £142.63m £136.90m £126.17m £100m £98.90m £40.61m £79.68m £22.10m £70.81m £50m £62.97m £58.92m £55.46m £0m 01/05 *
Slide 4: NAV Bridge from 31 January 2024 to 31 January 2025
NAV Bridge from 31 January 2024 to 31 January 2025 £400,000,000 £350,000,000 £8,273,000 £3,488,000 £4,431,000 £326,410,000 £8,362,000 £12,389,000 -£5,160,000 -£4,000,000 £300,000,000 £14,531,000 £54,925,000 £250,000,000 £229,171,000 £200,000,000 £150,000,000 £100,000,000 £50,000,000 £0 © 2025 B.P. M
Slide 5: Investment Summary – Pantheon Specialty Group Limited
Investment Summary – Pantheon Specialty Group Limited (“Pantheon") Current investment Investment Date Pantheon launched with a major focus on Global Casualty and Professional June 2023 Lines business, and has since moved into the arenas of Global Property, Innovation and Technology, and Equity Stake
Slide 6: Year Ended 31 January 2025 Results
Year Ended 31 January 2025 Results Net Asset Value (NAV) of Equity Portfolio Value of Underlying Profit before Tax: £326.4m £224.1m £9.0m Year ended 31 January 2024: £229.2m Year ended 31 January 2024: £122.1m Year ended 31 January 2024: £0.1m +£97.2m, or 42.4% over twelve months +£102.0m, or 83.5%
Slide 7: Financial Highlights – Year Ended 31 January 2025
Financial Highlights – Year Ended 31 January 2025 Change 31 January 2013 to 31 January 2025 Total dividend of NAV per share of 10.72p per 890.0p 770 % Change 31 January 2010 to 31 January 2025 share (£4.0m) +41.5% over year 670 BPM share price 649% (847.3p* diluted) 570 BPM NAV/share, rebased 527% P
Slide 8: Summary Financial Position – Year Ended 31 January 2025
Summary Financial Position – Year Ended 31 January 2025 39% XPT 23% Alchemy £74.1m £1.0m £73.1m 9% 6% SRT Devonshire Net Loans Granted Total Liquidity Cash Balance Treasury Balance £25.6m 5% Ai Marine 5% Volt £25,597,000 31 January 2024: £40.5m 31 January 2024: £1.9m 31 January 2024: £38.6m 4% Fiduc
Slide 9: Dividends
Dividends £10.00 M £40.0M In aggregate: Over the course of FY2026, the Group will March 2024: £34.7m pay total dividends of Realisation of Paladin Holdings Limited £8.0m, equating to 21.64p per share __ £29.7M 21.64p p/s* £7.50 M £30.0M This includes a special dividend of £3.0m in May 2025 following
Slide 10: New Investments
New Investments Investee Company Jurisdiction Date of Investment Equity Investment Equity Stake Valuation at 31 January 2025 Loan Funding UK 27.03.24 £300,000 30.0% £300,000 £1,490,125 Czech Republic 30.09.24 £2,354,134 44.0% £2,350,000 £410,000 UK 14.10.24 £25.50 25.5% £25.50 £1,500,000 UK 28.10.24
Slide 11: New Investment – CEE Specialty s.r.o. (“CEE”)
New Investment – CEE Specialty s.r.o. (“CEE”) NEW INVESTMENT IN FINANCIAL YEAR Investment Date CEE, an underwriting agency, September 2024 focuses on marine hull, bonds and liability insurance, Equity Stake targeting business in Central and Eastern Europe 44.0% Cost of Equity Founded by two experien
Slide 12: New Investment – Devonshire UW Limited (“Devonshire”)
New Investment – Devonshire UW Limited (“Devonshire”) NEW INVESTMENT IN FINANCIAL YEAR Investment Date Devonshire is an underwriting March 2024 agency specialising in underwriting transactional Equity Stake liability risks globally 30% Cost of Equity Founded by four Devonshire provides risk From sta
Slide 13: New Investment – Volt UW Limited (“Volt Underwriting”)
New Investment – Volt UW Limited (“Volt Underwriting”) NEW INVESTMENT IN FINANCIAL YEAR Investment Date Volt Underwriting is an October 2024 underwriting agency specialising in energy insurance in both the Equity Stake renewable and non-renewable sectors 25.5% Cost of Equity Volt Underwriting has a
Slide 14: New Investment – SRT & Partners Limited (“SRT”)
New Investment – SRT & Partners Limited (“SRT”) NEW INVESTMENT IN FINANCIAL YEAR Investment Date SRT is a start-up London October 2024 Market insurance broker, which at Equity Stake completion also 30.0% acquired a UK retail SRT completed on its first two Cost of Equity insurance broker and acquisit
Slide 15: Disposals in Year ended – LPR and Paladin / CBC
Disposals in Year ended 31 January 2025 – Lilley Plummer Risks Limited (“LPR”) and Paladin Holdings Limited (“Paladin”) / CBC UK Limited (“CBC”) Sale of LPR: Sale of CBC / Paladin: £21.72m in proceeds £53.2m in proceeds (including £9.2m of Deferred Consideration In October 2024, the Group completed
Slide 16: Portfolio Realisation Highlights
Portfolio Realisation Highlights Date of Date of Equity Equity Investee Company Jurisdiction Investment Disposal Investment Proceeds IRR 7.18x for Highlighted Disposals UK 17.10.19 29.10.24 £308,242 £21,718,937 93.4% Money Multiple on Equity Proceeds £120m £135,051,719 UK 17.02.17 22.03.24 £3,500 £5
Slide 17: Deferred Consideration - LEBC Holdings Limited (“LEBC”)
Deferred Consideration - LEBC Holdings Limited (“LEBC”) 30% Equity Investment LEBC sold its trading subsidiary £13,473,657 Aspira Corporate Solutions Limited to Titan Wealth Holdings Limited 25% 31 January 2025 Valuation £9,770,000 B.P. Marsh received repayment in Internal Rate of Return (IRR) full
Slide 18: Post Year-End Investment – iO Finance Partners TopCo Limited
Post Year-End Investment – iO Finance Partners TopCo Limited (“iO Partners”) NEW INVESTMENT Investment Date iO Partners is a buy-and-build April 2025 opportunity within the alternative finance market, Equity Stake looking to fill a funding gap in A co-investor to this transaction the UK SME market i
Slide 19: NAV Breakdown and Portfolio Overview as at 31 January 2025
NAV Breakdown and Portfolio Overview as at 31 January 2025 £69.3m 31% Net Cash and Other Assets 28% 18% 9% Pantheon XPT ATC 16 Total Equity Cost Number of Active Investments 4% SSRU 3% LEBC 2% Fiducia £326,410,000 £224.1m £25.6m 1% Sterling 1% Ag Guard 1% CEE Net Asset Value 1% SAGE as at 31 January
Slide 20: Investment Summary – ATC Insurance Solutions PTY Limited (“ATC”)
Investment Summary – ATC Insurance Solutions PTY Limited ("ATC") CURRENT INVESTMENT Investment Date ATC is a multi-line underwriting At investment, ATC produced GWP of July 2018 agency founded in 2006 AU$ 61m ATC currently budgeting GWP of Equity Stake 27.00%* In its year to 30 June 2025, ATC is AU$
Slide 21: Investment Summary – XPT Group LLC (“XPT”)
Investment Summary – XPT Group LLC ("XPT") B.P. Marsh invested a further B.P. Marsh originally invested XPT in numbers: Gross Written Premium £5.0m ($6.3m) alongside further loan funding of £5.0m ($6.3m) £4.8m in June 2017 • 2024 Gross Written B.P. Marsh Value Premium of over US$970m 2024: Flood Ris
Slide 22: Shareholder Returns – Dividend & Share Buy-Backs
Shareholder Returns – Dividend & Share Buy-Backs 2025 Share Buy-Back It is the Board’s ongoing aim to strike a balance between long term Programme capital growth and providing meaningful returns to Shareholders On 17 April 2025, the Company announced the launch of a new share buy- back programme, re
Slide 23: Diversification of Institutional Shareholder Base
Diversification of Institutional Shareholder Base Strong institutional demand for B.P. Marsh shares was Transaction Details demonstrated through a secondary placing, with investors increasing holdings via the purchase of shares from PSC UK Pty Limited (“PSC”), a subsidiary of The Ardonagh Group Limi
Slide 24: Reducing the Discount between Share Price and NAV per Share
Reducing the Discount between Share Price and NAV per Share 70% The Group is committed to actively The Group announced the reducing the discount to NAV, appointment of Singer Capital 61% Discount ensuring the market valuation Markets on 17 September 2024 as at 31 January 2009 60% more accurately ref
Slide 25: Summary
Summary Net Asset Value: • Total Dividends paid over FY2025: £4.0m (10.72p per share) £326.4m • NAV per Share: 890.0p (847.3p diluted) Profit Before Tax: • New Investments in the Year: 4 £104.7m • Realisations in the Year: 2 Available Capital: The Group is delighted with these results which £74.1m •
Slide 26: Appendices
Appendices 1 B.P. Marsh & Partners Plc and B.P. Marsh & Company Limited Boards 27 2 International Portfolio 29 3 MGAs and Brokers Overview 30 4 Loan Portfolio 32 5 Further Portfolio Breakdown 33 6 Post-Year End New Investment 37 7 Post-Year End Disposal 38 8 Insurance Intermediary Overview 39 9 Inve
Slide 27: B.P. Marsh & Partners PLC Board
B.P. Marsh & Partners PLC Board Brian Marsh Dan Topping Alice Foulk Executive Chairman Chief Investment Officer Managing Director 55+ years of experience 20+ years of experience 10+ years of experience Joined B.P. Marsh in 2011 and appointed as a Director of B.P. Founded B.P. Marsh in 1994 Joi
Slide 28: B.P. Marsh & Company Limited Board
B.P. Marsh & Company Limited Board Brian Marsh Dan Topping Alice Foulk Executive Chairman Chief Investment Officer Managing Director 55+ years of experience 20+ years of experience 10+ years of experience Founded B.P. Marsh in 1994 Joined B.P. Marsh in 2007 and appointed Chief Investment Officer
Slide 29: Our Current International Portfolio
Our Current International Portfolio B.P. Marsh’s international strategy is focused on areas where it sees: Canada: • Sufficient opportunity for business US: Europe: Stewart Specialty Risk development in partnership with a XPT Group LLC Underwriting Ltd CEE Specialty s.r.o London-based investor SAGE
Slide 30: Overview: Managing General Agencies (“MGAs”) Investments
Overview: Managing General Agencies ("MGAs") Investments Valuation at % of NAV at Internal rate of Multiple on Date of Equity % at 31 Cost of 31 January 31 January return to 31 Invested These MGAs focus on profitable MGAs Investment Jurisdiction January 2025 Investment 2025 2025 January 2025 Capit
Slide 31: Overview: Broking Investments
Overview: Broking Investments Internal rate Equity % at Valuation at % of NAV at of return to Multiple on Since inception, much of B.P. Marsh’s 31 January Cost of 31 January 31 January 31 January Invested growth has been underpinned by a Brokers Date of Investment Jurisdiction 2025 Investment 2025
Slide 32: Loan Portfolio
Loan Portfolio Investment 31 January 2025 (£'000) 31 July 2024 (£'000) 31 January 2024 (£'000) Ag Guard 602 615 621 Ai Marine 1,250 875 500 Alchemy 6,000 6,000 6,000 Brown & Brown - 469 524 CEE (Management loans) 410 - - Denison and Partners 670 670 670 Devonshire 1,490 990 - Fiducia 999 1,191 1,481
Slide 33: Portfolio as at 31 January 2025
Portfolio as at 31 January 2025 Agri Services Company PTY Limited • Investment date: July 2019 Shareholding: 41.0% • Ag Guard is an Australian-based MGA which provides insurance to the Agricultural Sector Ai Marine Risk Limited • Investment date: December 2023 (through Dempsey Group Limited) Shareho
Slide 34: Portfolio as at 31 January 2025 Continued
Portfolio as at 31 January 2025 Continued CEE Specialty s.r.o • Investment date: September 2024 Shareholding: 44.0% • CEE Specialty is a Prague-based Managing General Agency specialising in Marine Hull, Bonds, and Liability Insurance Criterion Underwriting (Pte) Limited • Investment date: July 2018
Slide 35: Portfolio as at 31 January 2025 Continued
Portfolio as at 31 January 2025 Continued LEBC Holdings Limited • Investment date: April 2007 Shareholding: 61.9% • LEBC is a holding company that, until April 2024, owned two businesses that were national Independent Financial Advisory companies providing services to individuals, corporates and par
Slide 36: Portfolio as at 31 January 2025 Continued
Portfolio as at 31 January 2025 Continued Sterling Insurance PTY Limited • Investment date: June 2013 (through Neutral Bay Investments Limited) Shareholding: 19.7% • Sterling is a Sydney-based specialist underwriting agency offering a range of insurance solutions within the Liability sector, special
Slide 37: Post Year-End New Investment – Amiga Specialty Holdings Limited
Post Year-End New Investment – Amiga Specialty Holdings Limited (“Amiga”) NEW INVESTMENT Investment Date A start-up entity which is June 2025 looking to build an international specialty underwriting agency with a Equity Stake diverse portfolio of 49% specialty products across key international marke
Slide 38: Post Year-End Disposal: Sterling Insurance PTY Limited
Post Year-End Disposal: Sterling Insurance PTY Limited (“Sterling") On 30 May 2025, Sterling, a specialist general liability MGA focused on the construction industry, was acquired by ATC Insurance Solutions PTY Limited (“ATC”), the Melbourne-headquartered MGA and Lloyd’s Coverholder, in which B.P. M
Slide 39: Insurance Intermediary Overview as at 31 January 2025
Insurance Intermediary Overview as at 31 January 2025 % of Total FY25 GWP MGA GWP in B.P. Marsh’s insurance intermediary The Group’s broking MGAs Budget Portfolio Jurisdiction portfolio companies are budgeting to investments are budgeting to produce c. £1.69bn of aggregate Gross place c. £959m of GW
Slide 40: Investment Model
Investment Model Up To £5m Specialist Investor Relationship Driven Initial Investment B.P. Marsh specialises in early stage We see people as key to each investment and We take on investments which are smaller than and SME financial services businesses we build relationships as well as businesses oth
Slide 41: Investment Approach
Investment Approach Flexibility Long-Term View Value Add We’re proud to have a uniquely flexible We bring specialist experience and We have a long-term approach to our approach to investment and exit sector-specific expertise and knowledge investment partnerships We are flexible investors as regards
Slide 42: New Investment Origination
New Investment Origination New Investment Opportunities to 31 January Our key investment Personal 2025, by sector sourcing channels Connections Direct Fiducia was founded by a long- A direct opportunity arose from standing contact of B.P. Marsh. the CEO of Pantheon Speciality, The investment origina
Slide 43: Investment Process
Investment Process 1 2 3 4 Initial Assessment Due Diligence and Completion Post Transaction Support Exit Strategy • Strong network of industry contacts • Consider exit strategy when the business • Work to flexible timelines • Business plan implemented brings new opportunities is ready to move to the
Slide 44: Market Overview
Market Overview B.P. Marsh continues to monitor trends in the rate of pricing for GLOBAL FINANCIAL insurance business placed in the areas where the portfolio operates GLOBAL PROPERTY GLOBAL CASUALTY & PROFESSIONAL The softening trend in insurance rates have continued into 2025, with global rates dec
Slide 45: Consolidated Statement of Financial Position (IFRS)
Consolidated Statement of Financial Position (IFRS) at 31 January 2025 31 January 2025 31 July 2024 31 January 2024 (Audited) (Unaudited) (Audited) Tangible and intangible assets 84 59 65 Right of use asset 342 425 507 Investments at fair value – Equity Portfolio 224,095 153,446 165,382 Debtors / Lo
Slide 46: Consolidated Statement of Comprehensive Income (IFRS)
Consolidated Statement of Comprehensive Income (IFRS) at 31 January 2025 Audited year to Unaudited 6 months to Audited year to 31 January 2025 £'000 31 July 2024 £'000 31 January 2024 £'000 Gains on investments (realised and unrealised) 107,499 29,664 43,674 (Provision against) / amounts recovered f
Slide 47: Consolidated Statement of Cash Flows (IFRS)
Consolidated Statement of Cash Flows (IFRS) at 31 January 2025 Audited six months to Unaudited six months to Audited year to 31 January 2025 £'000 31 July 2024 £'000 31 January 2024 £'000 Net cash (used by)/from operating activities (4,064) (772) (1,075) FX Movement (118) (3) (53) Taxation (34) (34)
Slide 48: Minority Investor Protections
Minority Investor Protections B.P. Marsh believes that day-to-day operational control of The Group has an extensive track record of working within the business is the domain of the executive management companies as partners and places significant emphasis team. However, our position is well prot
Slide 49: Environmental, Social and Governance Policy
Environmental, Social and Governance Policy B.P. Marsh is committed to being a responsible investor with Environmental, Social and The results revealed that many of our portfolio companies shared our view of the Governance (ESG) focused principles incorporated throughout our investment strategy
Slide 50: Key Shareholders as at 30 May 2025
Key Shareholders as at 30 May 2025 Directors Number of Shares and Shareholding Major Shareholders (>3%) Number of Shares and Shareholding 14,184,419 3,626,440 Brian Marsh OBE (38.2%) PSC UK Pty Limited (9.8%) 283,371 2,035,346 Daniel Topping (0.7%) Wellington Management Group LLP (5.5%) 1,869,936 86
Slide 51: Share Option Plan (SOP) and Joint Share Ownership Plan (JSOP)
Share Option Plan (SOP) and Joint Share Ownership Plan (JSOP) On 6 September 2023 the Board adopted a A 3.9% three-year JSOP was created in June In October 2023 the 1,206,888 allocated new nil-cost Share Option Plan for selected 2018 within an Employee Benefit Trust to Trust shares were granted voti
Slide 52: Contacts
4 Matthew Parker Street London SW1H 9NP Telephone: 020 7233 3112 http://www.bpmarsh.co.uk/ Joint Corporate Broker Singer Capital Markets Telephone: 020 7496 3000 Nominated Adviser & Joint Corporate Broker Panmure Liberum Telephone: 020 7886 2500 Financial PR Tavistock Telephone: 020 7920 3150 © 2025