B.p. Marsh & Partners Plc · LSE:BPM
B.p. Marsh & Partners — H1 2026 Earnings Presentation
55 slides from B.p. Marsh & Partners's earnings presentation, Oct 21, 2025
Slide 1: Half Year Results
Half Year Results For the six-months ended 31 July 2025 Dan Topping, Chief Investment Officer Francesca Chappell, Chief Finance Officer 21st October 2025
Slide 2: Highlights of Half Year Results 31 July 2025
Highlights of Half Year Results 31 July 2025 Net Asset Value: Total Dividends paid over the period: The Group is delighted with £349.5m £8.0m these results which (21.64p per share) demonstrate a period of exceptional performance, Profit Before Tax new investments, and great NAV per Share: £32.1m 956
Slide 3: 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 4: Performance: Net Asset Value (NAV)
Performance: Net Asset Value (NAV) £400m £350m Full Year Half Year £349.51m £326.41m £300m 11.1% Annual Compound Growth £250m £252.87m £229.17m £200m £203.45m £189.54m £179.77m £150m £166.61m £154.98m £149.91m £142.63m £136.90m £126.17m £100m £40.61m £98.90m £22.10m £79.68m £70.81m £50m £62.97m £55.
Slide 5: Half Year Results
Half Year 31 July 2025 Results Net Asset Value (NAV) of Equity Portfolio Value of Cash and Other Assets £349.5m £271.5m £78.0m Year ended 31 January 2025: £326.4m Year ended 31 January 2025: £224.1m Year ended 31 January 2025: £102.3m Six months ended 31 July 2024: £252.9m Six months ended 31 July 2
Slide 6: Financial Highlights – Half Year
Financial Highlights – Half Year 31 July 2025 Change 31 January 2013 to 31 July 2025 Total dividend of Total Shareholder 21.64p per Return of 800 % Change 31 January 2010 9.5% to 31 July 2025 share (£8.0m) 700 BPM share price 755% 600 Including NAV uplift and total BPM NAV/share, rebased 633% £2.5m
Slide 7: Summary Financial Position – Half Year
Summary Financial Position – Half Year 31 July 2025 Loans Cash and Treasury 31% XPT Net Loans Granted £52.6m £5.5m £47.1m £31.1m 19% Alchemy 14% Pantheon 8% SRT Total Liquidity Cash Balance Treasury Balance 6% Volt 31 January 2025: £25.6m £31,096,128 5% Devonshire 31 January 2025: £74.1m 31 January
Slide 8: Dividend Payments
Dividends Distributions £10.00 M £40.0M In aggregate: Over the course of October 2024: FY2026, the Group will Realisation of £34.7m pay total dividends of Lilley Plummer £8.0m, equating to Risks 21.64p per share __ £29.7M March 2024: 21.64p p/s £7.50 M Realisation of £30.0M This includes a special P
Slide 9: Overview: Managing General Agencies ("MGAs") Investments
Overview: Managing General Agencies ("MGAs") Investments Date of Equity % at 31 Cost of Valuation at % of NAV at Internal rate of return Multiple on MGAs Jurisdiction Investment July 2025 Investment 31 July 2025 31 July 2025 to 31 July 2025 Invested Capital B.P. Marsh’s MGA portfolio focuses on pr
Slide 10: Overview: Broking Investments
Overview: Broking Investments Internal rate Multiple on Equity % at Cost of Valuation at % of NAV at of return to Invested Since inception, much of B.P. Marsh’s Brokers Date of Investment Jurisdiction 31 July 2025 Investment 31 July 2025 31 July 2025 31 July 2025 Capital growth has been achieved t
Slide 11: Disposal during period: Sterling Insurance PTY Limited
Disposal during period: 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 12: New Investments in the Period and Post-Period End
New Investments in the Period and Post-Period End Investee Company Jurisdiction Date of Investment Equity Investment Equity Stake Valuation at 31 July 2025 Loan Funding UK Apr-25 £10,000,000 8.0% £10,000,000 - UK Jun-25 £49 49.0% £49 £500,000 UK Jun-25 £1,100,000 27.0% £1,100,000 £300,000 Gambit USA
Slide 13: New Investment – iO Finance Partners
New Investment – iO Finance Partners NEW INVESTMENT IN FINANCIAL PERIOD Investment Date iO Partners is a buy-and-build April 2025 platform within the alternative finance market, looking to fill a funding gap in the UK SME market A co-investor to this Equity Stake transaction is Janus Henderson 8.0%
Slide 14: New Investment – Amiga Specialty
New Investment – Amiga Specialty NEW INVESTMENT IN FINANCIAL PERIOD Investment Date Amiga is building an international specialty June 2025 underwriting agency, across a diverse portfolio Equity Stake of specialty products 49.0% To assist Amiga to Strategy combines achieve its plans, B.P. Cost of Equ
Slide 15: New Investment – Cameron Specialty
New Investment – Cameron Specialty NEW INVESTMENT IN FINANCIAL PERIOD Investment Date Cameron Specialty is a Lloyd’s Coverholder based in London, June 2025 established in 2021 Equity Stake Cameron Specialty works 27.0% with wholesale and retail brokers in the UK Property Cost of Equity space, provid
Slide 16: Post-Period End New Investment – Gambit Re
Post-Period End New Investment – Gambit Re NEW INVESTMENT Investment Date Gambit Re is a newly August 2025 formed reinsurance vehicle for selected XPT underwriting Equity Stake programmes designed to 8.3% support XPT’s strategic Gambit Re will initially growth ambitions support five profitable “Gamb
Slide 17: Post-Period End New Investment – XPT Producer Co
Post-Period End New Investment – XPT Producer Co NEW INVESTMENT Investment Date XPT Producer Co is a new September 2025 platform, which has been established to enable XPT Equity Stake to recruit and incubate new producers 35.0% Cost of Equity c. £2,600 “The Producer Acquisition (US$3,500) B.P. Marsh
Slide 18: Post-Period End New Investment – Salus Capital Partners
Post-Period End New Investment – Salus Capital Partners NEW INVESTMENT Investment Date September 2025 Salus is a UK-based Equity Stake start-up insurance Salus comprises two 35.0% intermediary group, subsidiaries which specialises in Cost of Equity Forte Professions: a broker, Professional indemnity
Slide 19: Post-Period End New Investment – Oneglobal Broking
Post-Period End New Investment – Oneglobal Broking NEW INVESTMENT Investment Date Oneglobal, is a London-based international retail and September 2025 wholesale insurance broker, majority owned by J.C. Equity Stake Flowers & Co 10.0% Founded through the merger Oneglobal's seasoned of two existing J.
Slide 20: Deferred Considerations - LEBC and CBC
Deferred Considerations - LEBC Holdings Limited (“LEBC”) and CBC UK Limited (“CBC”) Equity Investment LEBC sold its trading subsidiary Initial Equity Investment In March 2024, B.P. Marsh Aspira Corporate Solutions £13.5m £3,500 completed the sale of its stake Limited to Titan Wealth in CBC to Specia
Slide 21: NAV Breakdown and Portfolio Overview as at 31 July 2025
NAV Breakdown and Portfolio Overview as at 31 July 2025 30.2% Pantheon 0.7% Ai Marine 22.3% Net Cash & Other Assets 0.6% SAGE £87.0m 3 New 17.3% XPT 0.3% Cameron Specialty Investments in the 11.2% ATC 0.2% SRT period to 31 July 2025 6.6% SSRU 0.2% Verve £349,505,074 Total Equity Cost 3.6% LEBC 0.1%
Slide 22: Investment Summary – Pantheon Specialty Group Limited
Investment Summary – Pantheon Specialty Group Limited (“Pantheon") Current investment Investment Date Pantheon launched with a focus on Global Casualty and Professional Lines and has since June 2023 expanded into Global Property, Innovation & Technology, and Delegated Authorities Equity Stake In the
Slide 23: Investment Summary – ATC Insurance Solutions PTY Limited
Investment Summary – ATC Insurance Solutions PTY Limited ("ATC") CURRENT INVESTMENT Investment Date ATC is a multi-line underwriting agency founded July 2018 in 2006 Equity Stake In its year to 30 June 2026, ATC is 27.0% expected to achieve: Cost of Equity Gross Written Premium £5,290,640* AU$ 308m
Slide 24: Investment Summary - Stewart Specialty Risk Underwriting Ltd
Investment Summary - Stewart Specialty Risk Underwriting Ltd ("SSRU") CURRENT INVESTMENT Investment Date SSRU is an Underwriting Agency, Since launch SSRU has shown providing a variety of Property and January 2017 Casualty products to a wide array of clients in the Construction, robust growth. Its G
Slide 25: Investment Summary – XPT Group LLC
Investment Summary – XPT Group LLC ("XPT") B.P. Marsh originally invested XPT in numbers: 2025: XPT Producer Acquisition Co £4.8m in June 2017 • 2024 Gross Written Premium of over US$970m 2025: Gambit Risk Finance LLC • 2024 Adjusted EBITDA of US$23.3m Since this time, the Group has • GWP growth sin
Slide 26: 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 distributions to shareholders On 17 April 2025, the Company announced the launch of a new share buy- 9.5% return
Slide 27: Strong Institutional Demand
Strong Institutional Demand Strong institutional demand for B.P. Marsh shares was reflected in a phased secondary placing and the successful sale of shares by Transaction Details PSC UK Pty Limited, a subsidiary of The Ardonagh Group Limited In May 2025, 3,759,064 shares (10.1% of issued capital) we
Slide 28: 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 Share Buy-Back Programme reducing the discount to Shares Purchased in the period: 61% Discount at 31 January 2009 NAV, ensuring the market 145,000 60% valuation more X% IRR appropriately reflects the Total Spen
Slide 29: Summary of Half Year Results
Summary of Half Year Results 31 July 2025 Net Asset Value: Total Dividends paid over the period: £349.5m £8.0m (21.64p per share) Profit Before Tax £32.1m NAV per Share: B.P. Marsh continues to 956.1p (909.8p diluted) look to expand its +66.1p, or 7.4% over six months portfolio through Available Cap
Slide 30: Appendices
Appendices 1 B.P. Marsh & Partners Plc and B.P. Marsh & Company Limited Boards 31-32 2 International Portfolio 33 3 Loan Portfolio 34 4 Historical Portfolio Realisations 35 55 Portfolio Breakdown 36-40 6 Insurance Intermediary Overview 41 7 Investment Model and Approach 42-43 8 New Investment Origin
Slide 31: B.P. Marsh & Partners PLC Board
B.P. Marsh & Partners PLC Board Brian Dan Alice Marsh Topping Foulk Executive Chairman Chief Investment Officer Managing Director Brian founded B.P. Marsh in 1994. Previously, he was Dan joined B.P. Marsh in 2007 and was appointed Alice joined B.P. Marsh in 2011 and was appointed as Chairman and maj
Slide 32: B.P. Marsh & Company Limited Board
B.P. Marsh & Company Limited Board Brian Dan Alice Marsh Topping Foulk Executive Chairman Chief Investment Officer Managing Director Brian founded B.P. Marsh in 1994. Previously, he was Dan joined B.P. Marsh in 2007 and was appointed Alice joined B.P. Marsh in 2011 and was appointed as Chairman and
Slide 33: Our Current International Portfolio
Our Current International Portfolio US: B.P. Marsh’s international XPT Group LLC strategy is focused on areas SAGE Program where it sees: Underwriters Inc Canada: Europe: • Sufficient opportunity for Gambit Risk Finance LLC Stewart Specialty Risk Underwriting Ltd CEE Specialty s.r.o business develop
Slide 34: Loan Portfolio
Loan Portfolio Investment 31 July 2025 (£’000) 31 January 2025 (£'000) 31 July 2024 (£'000) Ag Guard 592 602 615 Ai Marine 1,300 1,250 875 Alchemy 6,000 6,000 6,000 Amiga 500 - - Brown & Brown - - 469 Cameron Specialty 300 - - CEE (Management loans) 417 410 - Denison and Partners 670 670 670 Devonsh
Slide 35: Historical Portfolio Realisations
Historical Portfolio Realisations Aggregate Aggregate Type of Date of Date of Investment Investment Investee Company Company Jurisdiction Investment Disposal Amount Proceeds IRR Money Multiple on Equity Broker UK Feb-17 Mar-23 £1,463,500 £54,655,904 47.3% 6.8x Proceeds for Highlighted Disposals £160
Slide 36: Portfolio as at 31 July 2025
Portfolio as at 31 July 2025 Agri Services Company PTY Limited • Investment date: July 2019 Shareholding: 41.0% • Ag Guard is an Australian-based Underwriting Agency which provides insurance to the Agricultural Sector Ai Marine Risk Limited • Investment date: December 2023 (through Dempsey Group Lim
Slide 37: Portfolio as at 31 July 2025 Continued
Portfolio as at 31 July 2025 Continued ATC Insurance Solutions PTY Limited • Investment date: July 2018 Shareholding: 27.0% • ATC is an Australian-based Underwriting Agency and Lloyd’s Coverholder. ATC specialises in Accident & Health, Construction & Engineering, Trade Pack and Sports insurance Came
Slide 38: Portfolio as at 31 July 2025 Continued
Portfolio as at 31 July 2025 Continued The Fiducia MGA Co Limited • Investment date: November 2016 Shareholding: 35.2% • Fiducia is a UK Marine Cargo Underwriting Agency, with registered Lloyd’s Coverholder status which specialises in the provision of insurance solutions across a number of Marine ri
Slide 39: Portfolio as at 31 July 2025 Continued
Portfolio as at 31 July 2025 Continued Sage Program Underwriters, Inc • Investment date: June 2020 Shareholding: 30.0% • Based in Oregon and founded in 2020 by CEO Chuck Holdren, Sage provides Workers Compensation insurance to niche industries, including inland delivery and field sport sectors SRT &
Slide 40: Portfolio as at 31 July 2025 Continued
Portfolio as at 31 July 2025 Continued Volt UW Limited • Investment date: October 2024 Shareholding: 25.5% • Volt UW is a Underwriting Agency specialising in energy insurance with a clear focus on insuring property risks associated with power generation and midstream energy, in both the renewable an
Slide 41: Insurance Intermediary Overview as at 31 July 2025
Insurance Intermediary Overview as at 31 July 2025 % of Total FY25 GWP MGAs MGA GWP in Jurisdiction Budget B.P. Marsh’s insurance intermediary The Group’s broking Portfolio portfolio companies are budgeting to investments are budgeting to £333.8m* 44.6% USA produce c. £1.72bn of aggregate Gross plac
Slide 42: Investment Model
Investment Model Typically 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 busi
Slide 43: 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 44: New Investment Origination
New Investment Origination New Investment Opportunities to 31 July 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 originated
Slide 45: Investment Process
Investment Process 1 2 3 4 Initial Assessment Due Diligence and Completion Post Transaction Support Exit Strategy • Strong network of industry contacts • Work to flexible timelines • Business plan implemented • Consider exit strategy when the business brings new opportunities is ready to move to the
Slide 46: Valuation Process
Valuation Process 1 2 3 4 Information Gathering Valuations Committee Methodologies Auditor Review • Collect financial and operational data • The valuation of investments • Investments are valued at fair value by • External auditors review the valuations to from investee companies is conducted by the
Slide 47: 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 48: Consolidated Statement of Financial Position (IFRS)
Consolidated Statement of Financial Position (IFRS) at 31 July 2025 31 July 2025 31 July 2024 31 January 2025 (Unaudited) (Unaudited) (Audited) Tangible and intangible assets 79 59 84 Right of use asset 260 425 342 Investments at fair value – Equity Portfolio 271,450 153,446 224,095 Debtors / Loans
Slide 49: Consolidated Statement of Comprehensive Income (IFRS)
Consolidated Statement of Comprehensive Income (IFRS) at 31 July 2025 Unaudited 6 months to Unaudited 6 months to Audited year to 31 July 2025 £'000 31 July 2024 £'000 31 January 2025 £'000 Gains on investments (realised and unrealised) 31,292 29,664 107,499 (Provision against) / amounts recovered f
Slide 50: Consolidated Statement of Cash Flows (IFRS)
Consolidated Statement of Cash Flows (IFRS) at 31 July 2025 Unaudited six months to Unaudited six months to Audited year to 31 July 2025 £'000 31 July 2024 £'000 31 January 2025 £'000 Net cash (used by)/from operating activities (700) (772) (4,064) FX Movement 19 (3) (118) Taxation (32) (34) (34) Pu
Slide 51: 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 52: 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 53: Key Shareholders as at 30 September 2025
Key Shareholders as at 30 September 2025 Directors Number of Shares and Shareholding Major Shareholders (>3%) Number of Shares and Shareholding 2,937,241 14,184,419 Wellington Management Group LLP (8.0%) Brian Marsh OBE (39.2%) Hargreaves Lansdown Asset 2,149,670 289,971 Management (5.9%) Daniel Top
Slide 54: 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 original new nil-cost Share Option Plan for selected 2018 within an Employee Benefit Trust to allocated Trust shares were gra
Slide 55: 4 Matthew Parker Street London SW1H 9NP Telephone: 020 7233 3112
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
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