Street Calls of the Week
LONDON - B.P. Marsh & Partners Plc (AIM:BPM) has invested £10 million in Oneglobal Broking Holdings Limited, an international insurance broker majority-owned by J.C. Flowers & Co, according to a press release issued Tuesday.
The specialist private equity investor has subscribed for cumulative convertible preferred shares in Oneglobal, which will provide an 8% annual preferred dividend and convert to a 10% stake in the company’s fully diluted share capital upon conversion.
The investment will provide Oneglobal with growth capital to support its expansion plans, initially through the acquisition of a Bermudian specialty insurance broker and further expansion into the Asian market.
Oneglobal, formed in 2018 through the merger of two Lloyd’s brokers owned by J.C. Flowers, currently operates across 15 offices worldwide with locations in Europe, Asia, the Americas, and the Middle East. The company specializes in insurance lines including marine, property, aviation, financial lines, energy, and casualty, with forecast brokerage revenue for 2025 of approximately £50 million.
As part of the transaction, Dan Topping, Chief Investment Officer of B.P. Marsh, will join the Oneglobal Board.
Brian Marsh, Chairman of B.P. Marsh, said the investment opportunity aligned with the company’s "people first approach to investing" despite being larger than their typical initial investment.
Jonathan Palmer-Brown, Group Chairman of Oneglobal, stated that B.P. Marsh’s "funding and expertise in the sector will help support us in executing our acquisition pipeline."
The investment structure includes potential for further capital injection to support growth, subject to satisfactory terms and appropriate opportunities, in line with B.P. Marsh’s long-term investment approach.
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