1st Apr 2019 18:06
LONDON (Alliance News) - BP Marsh & Partners PLC said Monday it has provided investee Nexus Underwriting Management Ltd with a GBP2 million revolving credit facility.
BP Marsh & Partners holds a 19% interest in Nexus Underwriting.
As well as the loan from BP Marsh & Partners, Nexus Underwriting secured an additional GBP14 million loan facility from funds managed by HPS Investment Partners LLC.
Nexus has used some of the funds to acquire Credit & Business Finance Ltd and Capital Risks MGA Ltd.
"The provision of this additional loan facility will continue to allow Nexus to further develop its position as the pre-eminent specialist underwriting agency. BP Marsh continues to believe that Nexus will continue to grow and has substantial momentum for the future," said Daniel Topping, BP Marsh's Investment Officer and nominee director to the board of Nexus.
Topping added: "The acquisitions of both Capital Risks and CBF are further positive steps in Nexus' growth trajectory, building on product offering and geographical footprint via M&A activity, which has served them well since our original investment in August 2014."
Shares in BP Marsh & Partners closed down 1.0% Monday at 276.16 pence each.
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