Venture capitalist aims to maintain compound 11.9% growth in net asset value
Specialist venture capitalist BP Marsh expects to complete an investment in a non-UK insurance broker tomorrow, according to chairman Brian Marsh.
The company announced this morning in its results for the year to 31 January 2013 that it was close to making a new investment. Marsh confirmed to Insurance Times that it would be an insurance broker.
BP Marsh is looking for new investments after it agreed to sell 80% of its stake in London-based broking group Hyperion to private equity house General Atlantic for £29.2m.
The valuation of the Hyperion stake was the main driver of BP Marsh’s 55.7% profit rise to £5.5m in the 2012-13 financial year.
Marsh said the opportunities to invest in insurance brokers globally were “considerable”.
He commented: “As world financial markets get more sophisticated, the opportunities and the threats grow so the chances for insurance brokers improve.”
BP Marsh’s net asset value increased by 10.6% to £55.5m in 2012-13 (2011-12: £50.1m) and its net asset value a share increased to 190p (2011-12: 171p).
The compound annual growth rate in net asset value since BP Marsh’s formation in 1990 has been 11.9%, and Marsh hopes this will continue.
He said: “We are aiming to maintain that 11.9% increase in net asset value in the current year if we can.”
BP Marsh holds a variety of stakes in brokers, including a 36.71% shareholding in Lloyd’s broker Besso and a 48.63% stake in Spanish broker Summa.
It will retain a 2.76% stake in Hyperion.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet