B.P. Marsh and Partners Plc, a specialist private equity investor in early-stage financial services businesses announced the acquisition of a 35% Cumulative Preferred Ordinary shareholding in Verve Risk Services Limited, a London-based managing general agency that specializes in in underwriting professional and management liability risks for insurance companies, captives, insurance agents, and brokers in the US as well as Canada, Bermuda, Cayman Islands, and Barbados.
In order to complete a management buy-out, B.P. Marsh offered £1 million in finance in the form of a loan facility and a combination of stock.
“We are very pleased to partner with a motivated Management Team with a long-established business, a strong client base, and significant upside potential,” said Dan Topping, the company’s chief investment officer. In the upcoming years, we anticipate collaborating with Scott and Alan to grow the company.
Scott Simmons and Alan Lambert, co-founders and directors of Verve, are in charge of the underwriting cell, which started trading on the Castel formation platform in 2016.
Verve has acquired Castel after receiving the sole backing of B.P. Marsh; Management now owns the remaining 65% of Verve.
Simmons, Director of Verve, previously worked as an underwriter for AIG and then founded a US Professional and Management liability unit with Aquila insuring. Simmons has more than 20 years of experience in insuring US Management and Professional liability lines.
After beginning his career as a broker specializing in open-market placements and delegated binding authorities, Lambert, Director of Verve, has spent the last 25 years specializing in US Professional, Financial, and Management Liability insurance.
“We are thrilled to have B.P. Marsh as a partner in Verve to support us in achieving our long-term ambitions and goals, as set forth in our business plan,” Simmons and Lambert said.
“B.P. Marsh offers to Verve more than just a financial commitment; the team also provides a large amount of insurance experience and expertise.
“Over the next few years, Verve plans to grow, diversify its revenue sources across new product lines, and ultimately transform Verve into a highly specialized underwriting agency with a strong brand in the marketplace. We think B.P. Marsh is the ideal ally to help us achieve this expansion.
