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LONDON - B.P. Marsh & Partners Plc (AIM:BPM) has acquired a 35% cumulative preferred ordinary shareholding in Salus Capital Partners Limited, a startup UK insurance intermediary specializing in professional indemnity insurance, according to a press release issued Monday.
The specialist private equity investor has committed to provide funding of up to £2 million through a combination of equity and a loan facility, which was partially drawn upon completion.
Salus will operate through two subsidiaries: Forte Professions Limited, a specialist professional indemnity insurance broker targeting UK businesses such as architects and accountants, and Scribe MGA Limited, which will focus on underwriting professional indemnity insurance for small to medium-sized businesses.
The Bristol-headquartered company was founded by four industry professionals - James Page, Matthew Jones, Dawn Zacharow and Stuart Barker - who collectively have nearly 100 years of experience in insurance broking and underwriting within the professional indemnity market.
B.P. Marsh’s Associate Director Sophia Gooddy and Chief Investment Officer Dan Topping will join Salus’s board of directors.
"We are pleased to be making this investment in Salus, founded by a highly skilled and experienced management team," Topping said in the statement.
The founders of Salus stated they were "delighted to partner with B.P. Marsh" as they pursue their long-term ambitions outlined in their business plan.
This acquisition adds to B.P. Marsh’s existing portfolio of investments in early-stage financial services businesses.
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