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LONDON - B.P. Marsh & Partners Plc (AIM:BPM), an investor specializing in early stage financial services companies, has acquired a 49% shareholding in Amiga Speciality Holdings Limited, a new venture in the specialty insurance sector. The stake was acquired for a nominal amount, according to a statement released on Wednesday.
Amiga is poised to establish itself as an international specialty underwriting agency, aiming to grow both organically and through strategic mergers and acquisitions. The startup has received a £10 million loan facility from B.P. Marsh, with £0.5 million already drawn upon completion. Future withdrawals from the loan are subject to B.P. Marsh’s approval.
The new company is led by Adam Kembrooke, who has over 20 years of experience in the insurance industry. Kembrooke’s previous roles include significant positions at Kentro Capital Limited, where he was instrumental in expanding the firm’s U.S. operations, and prior to that, co-founding PartnerRe Wholesale and serving as Senior Vice President at Torus Insurance (UK) Ltd.
Adam Kembrooke expressed confidence in achieving Amiga’s business objectives with the backing of B.P. Marsh, citing the investor’s history of nurturing successful insurance businesses. Dan Topping, Chief Investment Officer of B.P. Marsh, will join Amiga’s Board, reinforcing the partnership between the two entities.
Topping noted that B.P. Marsh is excited to support Amiga’s experienced leadership and believes the startup is well-placed to leverage opportunities within the specialty insurance market.
This investment marks B.P. Marsh’s continued commitment to the financial services sector, as the company has a history of fostering growth and development in its portfolio businesses. The information on the new investment is based on a press release statement.
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