B.P. Marsh has noted it “continues to see a high number of potential new business opportunities” having received 42 new business enquiries as of the end of July 2023, compared to 33 enquiries for the same period in the preceding year.
As previously announced, B.P. Marsh has agreed to dispose of its shareholding in Kentro, the London-based insurance industry investment group, pursuant to an agreement by which Brown & Brown has agreed to acquire the entire issued share capital of Kentro.
Upon completion, B.P. Marsh anticipates that it will receive £51.5m in cash (net of all transaction costs).
Thus, given its increasingly favourable cash position, BP Marsh said that “it remains ready to take advantage of opportunities emanating from the financial services industry generally, and the insurance market specifically.”
B.P. Marsh noted that continued M&A activity at the larger end of the insurance market generates opportunities at the smaller end, many of which meet its investment criteria.
Current opportunities under consideration include, but are not limited to, a start-up Underwriting Agency, looking to specialise in underwriting Marine insurance; an established European-based Aviation Broker; and an established Lloyd’s broker specialising in financial lines.
Another key financial objective of B.P. Marsh is the continued delivery of long-term growth in Net Asset Value.
The firm increased Net Asset Value from £166.6m to £189.5m in the year ending 31 January 2023, with its equity Portfolio increasing by £22.2m from £149.3m to £171.5m (adjusting for additions and disposals) in the same period.
B.P. Marsh said it “remains positive” regarding its ongoing performance and will be releasing its Interim Results for the six months to 31 July 2023 on 17 October 2023.
