30th Jul 2019 14:18
(Alliance News) - BP Marsh & Partners PLC on Tuesday said investee company Nexus Underwriting Management Ltd has acquired Plus Risk Ltd, a London-based business insurance provider.
The AIM-listed investment company holds 18.5% interest in Nexus.
No financial details of the deal were disclosed.
BP Marsh & Partners said since its investment in Nexus in 2014, Nexus' gross written premium has grown from GBP50 million to an expected gross written premium of GBP313 million for 2019.
"The acquisition of Plus Risk is another pleasing example of Nexus' buy and build strategy, representing the 14th transaction Nexus has undertaken since our investment in 2014," said BP Marsh & Partners Chief Investment Officer Daniel Topping.
"This is a strategic acquisition for Nexus and a natural addition to our existing capabilities," added Nexus Founder & Chief Executive Colin Thompson.
BP Marsh & partners shares were trading 0.9% higher on Tuesday in London at 287.52 pence each.
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