Lloyd's broker majority owned by staff and Wells Fargo no longer has a stake
Besso announced today it is majority owned by staff and Wells Fargo no longer has a stake.
The Lloyd’s broker revealed that Michael Wade had acquired a 15% stake, Brian Marsh Enterprises 11%, and B.P. Marsh & Partners, an existing shareholder, has increased its stake to 34%.
In management changes, Wade becomes chairman, and Colin Bird remains chief executive and becomes deputy chairman. Camilla Kenyon, a director of B.P. Marsh, also joins Besso’s Board.
Wade said: “I am delighted to be working with Colin Bird who has steered the Group admirably over the last 16 years and the dynamic team at Besso. Colin’s continued involvement with the business and experience and expertise will be hugely valuable as we build on the excellent reputation that Besso enjoys in the London Market.
“I would also like to pay tribute both to Brian Marsh personally and to Wells Fargo in helping us get this transaction completed.
“Besso’s focus will be to build on its strong franchise never losing sight of the high quality service to clients for which it is known. There are significant opportunities for growth in existing areas and reinsurance. We start this new phase for Besso on the front foot, excited about the future potential of the business and attracting new teams to work with us.”
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