UK-based BP Marsh,a specialist investor in early stage financial services businesses, has
reported that the strong growth of Fiducia, the Group’s Leeds-based UK Marine Cargo Underwriting Agency, has continued. GWP was in excess of £20.0m over a 12 month period. BP Marsh said that it was confident that GWP would exceed £25.0m in Fiducia’s current financial year to December 31st 2022.
BP Marsh said that it believed that Fiducia would “grow substantially over the coming years. As is customary with B P Marsh’s MGA investments, Fiducia have in place robust underwriting controls which focus on the underlying profitability of their core book. This is beginning to bear fruit with Fiducia regularly being in receipt of material profit commission payments”.
Date of initial investment: November 2016
Cost of Equity:£278,000
Equity stake as at January 31st 2022: 35.2%
January 31st 2022 valuation: £4,228,000
Meanwhile, BP Marsh’s 30% stake in Lilley Plummer Risks Ltd, a specialist marine Lloyd’s
broker that provides products across the marine insurance market, was put at £2,629,000
as of January 31st 2022.
Overall BP Marsh reported a consolidated profit after tax of £17.5m (January 31st 2021: £13.7m) and an equity portfolio valuation increase of 14.7% (2021: 10.9%)
