BP Marsh has bought a 40% stake in Denison and Partners, in what the firm says is its first investment in over eighteen months.
As part of the deal, BP Marsh has also provided a loan facility to Denison and Partners. This facility is available from completion and will be drawn down in tranches, in line with Denison and Partners’ business plan. In aggregate, the Company will be providing funding of £802,000.
Dan Topping, CIO of BP Marsh, said: “We are pleased to be investing in Denison and Partners, and we look forward to working with Alasdair and his team. He has a fine reputation for providing boutique risk management and transfer solutions to a wide array of clients. Following a number of realisations in our previous financial year to 31 January 2022, the Group has continued to focus on investing in niche businesses backed by experienced and capable management teams. An investment in a start up specialist independent Lloyd’s Insurance Broker corresponds with this investment approach.”
Denison and Partners is a start-up London-based Lloyd’s Insurance Broker, established by Alasdair Ritchie, with a focus on delivering (re)insurance delegated authority solutions and services to Managing General Agencies, Coverholders and (re)insurers. Denison and Partners will look to leverage its historic strong foundation and relationships in the Financial and Professional lines sector, primarily across the UK, US and Canada.
Denison and Partners said it would seek to capitalise on opportunistic lines of business across other sectors, as may be presented by favourable market conditions, not least by seeking new hires and teams specialising in those expansive lines.
Most recently, BP Marsh has been on the pages of Reinsurance News with it selling off in January of its Summa shares. Back the company announced the sales of its entire 77.25% holding in the company.
