21st Oct 2019 15:44
(Alliance News) - Financial services-focused investment firm BP Marsh & Partners PLC said Monday it acquired a minority stake in Lloyd's of London marine broker Lilley Plummer Risks Ltd for GBP1 million.
BP Marsh will take a 30% stake in newly-formed Lilley Plummer through a mixture of redeemable and non-redeemable preference shares. The funding will be used to fund growth of the business within its specialist sector, including the hiring of new staff.
The founders of Lilley Plummer - Stuart Lilley and Dan Plummer - are experienced across the marine Lloyd's market, having previously held senior roles in Howden Insurance Brokers Ltd and a number of other brokers.
"I am pleased to complete our investment in Lilley Plummer to which we can bring our experience and market knowledge," BP Marsh Chief Investment Officer Daniel Topping said. "This is very much in our heartland of investing in an experienced, skilled and motivated Management Team. We are looking forward to working with Dan and Stuart to see them realise, and hopefully exceed, our joint goals."
Shares in BP Marsh were 0.5% lower at 271.78 pence in London on Monday, giving it a market capitalisation of GBP101.7 million.
By Ahren Lester; [email protected]
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