B.P. Marsh and Partners Plc, the specialist private equity investor in early-stage financial services businesses, announced it has acquired a 27% shareholding in Cameron Specialty, a London-based underwriting agency.
B.P. Marsh has agreed to provide funding of up to £1.7 million via a mix of equity and loan facility. The loan facility was partially drawn upon completion.
Cameron Specialty, founded in 2021, specializes in UK property insurance in the commercial combined and property owners sectors. Cameron Specialty Insurance Ltd. is a specialist property MGA established in December 2022. Both companies are subsidiaries of Cameron Specialty Holdco Ltd.
Cameron Specialty’s founder & CEO, Tom Kirkland, has 20 years of experience in the insurance industry, having worked across the broking and underwriting sectors.
With the support of B.P. Marsh, Cameron Specialty’s management team will look to expand their property insurance offering into the Republic of Ireland and Europe, leveraging existing broker relationships, alongside developing into other lines of business.
“With B.P. Marsh’s backing, Cameron Specialty is well-positioned to deliver on its strategic objectives of expanding our footprint across the UK and European property insurance market and building a leading, specialist underwriting agency,” commented Kirkland. “We look forward to working closely with the B.P. Marsh team to achieve our long-term ambitions.”
Kirkland said B.P. Marsh’s expertise in the insurance sector, “combined with a proven track record of supporting entrepreneurial businesses, makes them an ideal partner for us.”
“We are pleased to be making this investment in Cameron Specialty, a business led by a highly experienced team,” according to Dan Topping, chief investment officer of the B.P. Marsh, who has been appointed to the board of Cameron Specialty.
“We look forward to partnering with their management team to deliver on their growth ambitions over the coming years, leveraging our expertise in helping early-stage underwriting agencies develop and scale,” Topping added.
“Cameron Specialty represents a strong addition to our diversified portfolio of insurance intermediaries and aligns well with the type of business we have successfully backed and developed over the past 30 years,” Topping said.
Cameron Specialty Holdco Limited is the holding company of Cameron Specialty Insurance Limited (focussed on the UK) and Cameron Specialty Europe Limited (will be focussed on Europe). Tom is a director on all three entities and the majority in the Group.
Including Cameron Specialty, London-based B.P. Marsh has invested in 19 underwriting agencies and brokers in Australia, the Czech Republic, Singapore, the UK, and the U.S.
Source: B.P. Marsh
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