28th Oct 2025 12:25
BP Marsh & Partners PLC - London-based investor in early-stage financial services businesses - Sells its around 28% shareholding in Stewart Specialty Risk Underwriting Ltd, a Canadian underwriter, to Ryan Specialty LLC for GBP27.8 million. The sale reflects a GBP4.9 million uplift from the latest July 31 valuation and delivers an internal rate of return of 90%, including fees. A further deferred consideration payment of up to CAD24 million, around GBP12.9 million, is expected to be received by SSRU's existing shareholders in the first quarter of 2026, in respect of SSRU's financial performance in 2025 and will be paid, if applicable, on a pro-rata basis. BP Marsh first invested in SSRU as a start up in January 2017, subscribing to a 30% shareholding for a nominal amount, alongside providing SSRU with a loan facility of around GBP490,000, which was fully repaid in 2021. "SSRU has been an outstanding performer within our portfolio, delivering significant growth and value creation," comments BP Marsh Chief Investment Officer Dan Topping. "The sale represents an excellent return for our shareholders and reflects our strategy of partnering with exceptional management teams to build market-leading businesses," he adds. Read More
