Insurance-focused venture capital firm BP Marsh made an after profit of £2.6m in the year to 31 January 2011 – nine times the £287,000 it made the previous financial year.
Net asset value, which the company uses as its main performance measure, was up 5.2% to £46.5m from £44.2m.
“5.2% over the last year has been satisfactory,” BP Marsh chairman Brian Marsh told Insurance Times. “All of our investments have progressed reasonably satisfactorily in a difficult environment for financial services. There have been no disasters and no spectacular achievements either, but we are very much on top of the 10 investments we have and are in touch with them every day. ”
BP Marsh has minority stakes in three Lloyd’s brokers: Hyperion (19.5%) Besso (34%) and Oxford Insurance Brokers through its parent US Risk UK (30%). The company also has a 1.23% stake in run-off specialist Randall & Quilter, a 48.63% stake in Spanish broker Summa and a 22.5% stake in risk modelling company Paterson Squared.
BP Marsh boosted its investment in Besso to 34% from 22.7% following the management buy-out of the firm at the end of March.
BP Marsh’s surge in profit was mainly driven by a sharp increase in unrealised gains on investments to £3m from £23,000.
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.
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