B.P. Marsh & Partners has announced a £33.8 million increase in its Net Asset Value (NAV), reaching £360.2 million for the year ended 31 January 2026, a 10.3% rise compared to the previous year.
The firm’s equity portfolio increased by 21.4% over the same period, after adjusting for investments and realisations. However, consolidated profit before tax fell to £49 million, down from the £104.7 million reported the year prior.
Chief Executive Officer Daniel Topping attributed the overall performance to the company’s long-term investment model and disciplined capital allocation.
“The Group has delivered another year of strong strategic and financial progress, continuing to demonstrate the resilience and scalability of B.P. Marsh’s long-term partnership-led investment model,” Daniel Topping, B.P. Marsh & Partners’ Chief Executive Officer, stated.
He continued: “For the year ended 31 January 2026, the valuation of the equity portfolio increased by 21.4%, adjusting for investments and realisations, while Net Asset Value increased by 10.3%. This performance was achieved alongside significant portfolio activity, including two realisations, eight new investments, multiple follow-on investments into existing high-performing portfolio companies and continued shareholder distributions through dividends and share buy-backs.”
During the year, B.P. Marsh expanded its international specialty finance and insurance distribution portfolio by backing eight new investments and providing follow-on funding to several of its strongest-performing businesses, including Pantheon, XPT, and ATC.
The period also saw continued shareholder distributions through dividends and share buy-backs.
The company also reported two disposals in the year, which generated a total of £30.7 million. The largest was the sale of Stewart Specialty Risk Underwriting Limited to Ryan Specialty for £28.3 million, achieving an IRR of 89.9%.
B.P. Marsh also completed the disposal of Sterling Insurance Pty Limited into ATC, a move that increased its strategic shareholding in one of Australia’s leading independent underwriting agencies.
The financial year also saw Brian Marsh transition from Non-Executive Chairman to Founder and Life President.
Topping commented: “In May 2026, Brian stepped back from his governance responsibilities, becoming Founder and Life President. His legacy is not only the Company he founded, but the culture, philosophy and people: a firm that continues to invest in the way he always believed it should.
“The Board and the entire team at B.P. Marsh are proud to recognise Brian’s exceptional contribution and remain deeply grateful for the foundation he has built and look forward to working with him in his new role.”
Additionally, Rebecca Shelley was appointed Non-Executive Chair of the Board of B.P. Marsh, and Barrie Cornes appointed as an Independent Non-Executive Director.
An experienced Chair and Senior Independent Director with a strong track record across listed and private companies in financial services, insurance and consumer sectors, Shelley currently serves as Chair of Sabre Insurance Group plc and holds senior board positions at Conduit Holdings Limited, Liontrust Asset ManagementPLC, and Hilton Food Group plc.
Cornes brings more than 40 years’ experience in the insurance sector, having previously served as Managing Director and Head of Research at Panmure Gordon, where he was a leading equity insurance analyst, as well as holding senior investor relations and underwriting roles at Jardine Lloyd Thompson PLC and RSA Insurance Group.
