PE firm takes £10m stake in £50m broker based in London

BP Marsh has agreed to buy a 10% stake in London-based broker Oneglobal for £10m.

Backed by JC Flowers, Oneglobal is an international retail and wholesale insurance broker that is forecasting around £50m in broking revenue in 2025.

It has 15 offices worldwide and specialises in a broad range of lines, including marine, property, aviation, financial lines, energy and casualty.

The investment from BP Marsh will be structured through the subscription of cumulative convertible preferred shares, with potential for further investment to support growth subject to satisfactory terms and for appropriate opportunities.

Jonathan Cox, managing director at JC Flowers, said: “We are delighted that BP Marsh has decided to invest alongside JC Flowers to drive the next phase of Oneglobal’s growth.

”It has been a privilege supporting management in recent years in establishing Oneglobal as a leading specialty broker and we look forward to a successful partnership with BP Marsh as the business continues to grow both at Lloyd’s and internationally.”

Expansion opportunities 

This investment will provide Oneglobal with strategic growth capital to support its expansion, initially through the acquisition of a Bermudian specialty insurance broker and further expansion into the Asian market.

Dan Topping, chief investment officer at BP Marsh, who will be joining the Oneglobal board as part of this transaction, said: “This investment represents an exceptional opportunity to partner with a global specialist insurance intermediary, led by an extremely talented and experienced management team.

”Oneglobal’s growth trajectory and ambition, combined with the support of JC Flowers, makes it an ideal fit for our portfolio. We are pleased to support their continued expansion and strategic goals.”

Jonathan Palmer-Brown, group chairman at Oneglobal, added: “BP Marsh’s funding and expertise in the sector will help support us in executing our acquisition pipeline, allowing us to continue to deliver sustainable growth and strengthen our specialty offering to the benefit of our clients.

”We look forward to working with Topping and the BP Marsh team.”