15th Dec 2016 16:13
LONDON (Alliance News) - BP Marsh & Partners PLC Thursday said it has acquired a further 6.9% stake in Nexus Underwriting Management Ltd for GBP4.0 million.
It has bought a further 219,178 shares in the company from founding shareholders Colin Thompson and Ian Whistondale. This takes BP Marsh's total holding in Nexus to 18.8%.
BP Marsh initially acquired a 5% stake in Nexus in August 2014 and has been building up its position in the company through follow-on investments.
"We are very pleased to take this further stake in Nexus. We consider the business to be capable of strong and sustainable growth over the coming years and look forward to continuing to work with the Management Team to achieve this. A partnership with BP Marsh not only brings capital, but also the expertise and support of our people and the opportunities delivered by our network, and we believe this has been demonstrated by Nexus's development during the two years of our investment," said Chief Investment Officer Dan Topping in a statement.
Shares in BP Marsh were up 0.5% at 195.95 pence Thursday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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