Venture capital provider B.P. Marsh & Partners Plc has increased its stake in EC3 Brokers by around 15% to a holding of 35%, as the broker eyes accelerated strategic growth.
In December 2018, B.P. Marsh announced an investment in the independent commercial lines Lloyd’s brokerage, which saw the specialist investor take an effective 20% equity stake in EC3 for a total cash consideration of £5 million (US$6.7mn).
Full terms of the latest investment have not been disclosed but it’s apparent that B.P. Marsh has significantly raised its holding in the London-headquartered broker to 35%.
Currently, EC3 is strengthening its expansion plans, and was recently awarded the Dubai International Financial Centre (DIFC) Master Health Insurance Scheme, designed to provide cost-effective health insurance for entities operating within the DIFC.
Earlier this year, the firm also announced the launch of its U.S. property wholesale division, which was followed by the establishment of an international financial and professional lines division, and more recently its specialty division.
Additionally, the broker is working with the UK Government on the ‘Let Live Thrive’ initiative for the public sector to step in as the insurer of last resort within the sports and entertainment sector.
This latest investment from B.P. Marsh will enable EC3 to broaden its offering and attract entrepreneurial teams to develop new products.
Chief Executive Officer (CEO) of EC3, Danny Driscoll, commented: “This new investment is a very welcome endorsement of our business and will enable us to further enhance our presence in the entertainment sector, while developing new products and strengthening our existing capabilities via new teams and potential acquisitions. BP Marsh have been a strong supporter since our formation and we welcome their continued involvement.”