B.P. Marsh & Partners has invested $6 million into a New York based specialty lines insurance distribution company, XPT Group LLC (XPT).
The investment represents a 35% shareholder gain in insurance distributor XPT, described as “a newly established operation which is in active discussions with a number of parties over potential minority or majority investments into established entities in the U.S. wholesale insurance arena.”
Commenting on the investment, Chairman of the Company Brian Marsh, said; “We are pleased to be back in the U.S. with an investment in XPT. Our business is in backing people and the founders of XPT have impeccable credentials, deep industry knowledge and great ambition.
“We are excited by the opportunities presented in partnering with them and in the U.S. market in general and look forward to growing XPT alongside them.”
B.P. completed the transaction through its North America subsidiary, and said the investment signifies a return to the U.S. market after the firm recently invested in Canada, Stewart Specialty Risk Underwriting.
XPT plans to make one-two U.S.-based acquisitions in the following months, and B.P. commented it “strongly believed” the distribution startup is well-placed to make gains in the U.S. small-to-medium-sized wholesale space.
The management team at XPT includes Tom Ruggieri, formerly of Marsh, Advisen and Swett & Crawford and Mark Smith, former president and Chief Executive Officer (CEO) of Stewart Smith.
Smith is also a former President and Management Director of R-T Specialty’s New York operation.
Jeff Heath, the founder of Heath Group, and Mason Power, former Chief Operating Officer (COO) and Chief Marketing Officer (CMO) at Swett & Crawford, where he worked closely with Tom Ruggieri, are further additions to XPT’s leadership.
Dan Topping, B.P. Marsh’s Chief Investment Officer, who has been appointed to represent the Company at XPT, said; “I am delighted to be working alongside the Management Team in delivering on their strategy and developing their presence in the US specialty insurance market.”