Venture capital provider B.P. Marsh & Partners Plc has announced an investment into EC3 Brokers Limited via a newly established company, EC3 Brokers Group Limited.
The transaction sees the company take an effective 20% equity stake in EC3 for a total cash consideration of £5 million (US$6.7nm), in a mix of both Preferred and Ordinary shares.
B.P Marsh’s Chairman, Brian Marsh, commented on the investment; “We are pleased to be taking this stake in EC3, a company with an accomplished and experienced management team. We look forward to working with them to develop their business.”
Chief Executive Officer (CEO) of EC3, a specialist Lloyd’s of London insurance and reinsurance broker, Danny Driscoll, said; “EC3 is an established Lloyd’s broker with a solid client base and a trusted market position. I am looking forward to entering into this new partnership with B.P. Marsh and working with them to achieve EC3’s ambitions going forward.”
B.P. Marsh Chief Investment Officer (CIO), who has also been added to the EC3 Board, Dan Topping, added; “This is a classic type of investment for B.P. Marsh, investing in an experienced Management Team with a strong plan for growth. B.P. Marsh are also pleased to be investing in another Lloyd’s broker, to which we can bring our corporate experience and knowledge. I am looking forward to working with Danny Driscoll and his team to see EC3 achieve its goals.”