B.P. Marsh, a specialist private equity investor in early stage financial services businesses, has completed a management buyout from Verve Risk Services Limited, a London-based club-style Managing General Agency (MGA).
According to the announcement, the company has acquired a 35% Cumulative Preferred Ordinary shareholding in Verve.
B.P. Marsh provided £1 million of funding via a mixture of equity and a loan facility, which will be drawn down in full upon completion as part of a management buy-out.
Dan Topping, Chief Investment Officer of the company, commented: “We are very pleased to partner with a motivated Management Team with a long-established business, a strong client base and significant upside potential. We look forward to working with Scott and Alan over the coming years in developing the business.”
Verve underwrites US – as well as Canada, Bermuda, Cayman Islands and Barbados – professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
The underwriting cell is led by Scott Simmons, and Alan Lambert – co-founders and Directors of Verve – and has traded under the Castel formation platform since its formation in 2016.
Following the exclusive support from B.P. Marsh, Verve has completed a buyout from Castel, with Management owning the remaining 65% of Verve.
Simmons, Director of Verve, has more than two decades of experience in underwriting US Management and Professional liability lines, having previously worked as an underwriter for AIG and subsequently establishing a US Professional and Management liability unit with Aquila Underwriting.
Lambert, Director of Verve, has specialised in US Professional, Financial and Management Liability insurance for 25 years, having started his career as a broker servicing open-market placements and delegated binding authorities.
He subsequently underwrote on behalf of both London and US-based carriers before joining Simmons at Aquila Underwriting.
“We are delighted to have B.P. Marsh as a partner in Verve to support us in achieving our long term ambitions and goals, as set out in our business plan,” Simmons and Lambert said.
“B.P. Marsh brings to Verve more than a financial investment, and the team brings a significant amount of insurance experience and expertise.
“Over the coming years, Verve is looking to expand, diversifying its revenue streams across additional product lines, ultimately developing Verve into a highly specialised underwriting agency with wide market recognition. We see B.P. Marsh as the perfect partner to assist us in bringing about this growth.”
