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BP Marsh & Partners PLC on Monday said it bought a shareholding in Salus, a UK-based insurance intermediary group that specialises in professional indemnity insurance.
BP Marsh, a London-based private equity firm, investing in early-stage financial services businesses, said it has agreed to provide funding of up to £2 million via a mixture of equity and a loan facility.
BP Marsh bought a 35% cumulative preferred ordinary shareholding in Salus.
Salus will operate via two subsidiaries, Forte Professions Ltd and Scribe MGA Ltd. Forte is a specialist professional indemnity insurance broker targeting UK-domiciled businesses including architects, engineers, construction, surveyors, accountants and insurance brokers.
Scribe, the underwriting unit of Salus, specialises in professional indemnity insurance for small to medium-sized businesses, with an initial focus on construction, surveyors and accountancy.
BP Marsh Chief Investment Officer Dan Topping said: ‘We believe Salus is an excellent fit for our diversified investment portfolio of insurance intermediaries.’
Salus Founders James Page, Matthew Jones, Dawn Zacharow & Stuart Barker said: ‘We are delighted to partner with BP Marsh as we pursue our long-term ambitions, as set out in our business plan. ’BP Marsh offers Salus more than a financial investment, and the team brings a significant amount of insurance experience, expertise, and relationships. We look forward to working with BP Marsh over the years to come to achieve our goals.‘
BP Marsh shares were 0.8% lower at 698.13 pence each on Monday afternoon in London.
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