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LONDON - B.P. Marsh & Partners Plc (AIM:BPM) has committed a £600,000 loan to its investee company Pantheon Specialty Group Limited to support its acquisition of a 25% stake in Hong Kong-based digital asset insurance broker Fraction Brokers Asia Limited, according to a Friday press release.
The specialist private equity investor will initially fund £450,000 of the loan at completion, with a minimum interest rate of 6.5% per annum. As part of the transaction, Pantheon will also receive a call option for an additional 35% of Fraction, exercisable after 2029.
Fraction specializes in insurance solutions for digital assets including cryptocurrencies, NFTs, blockchain infrastructure, and decentralized finance platforms. The Hong Kong-based startup was founded by Dan Dibden, who previously co-founded specialty insurance brokerage Capstone, and Onno Sterk, former Chief Operating Officer at OSL Group, a publicly listed digital asset platform.
The investment aligns with Pantheon’s strategic growth plans following its entry into the digital insurance market with the hire of Andrew Cooper as managing director of innovation and technology. Cooper previously served as chief broking officer for future mobility and US Casualty at Aon.
"We’re very pleased to support Pantheon’s growth via the transaction with Fraction," said Dan Topping, Chief Investment Officer of B.P. Marsh, in the press release. "While a very new area of insurance, the approach is still very much people first."
Fraction plans to initially focus on licensed digital asset firms in Asia, targeting businesses approved by regulators to work with cryptocurrencies and other digital assets.
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