Source - Alliance News
BP Marsh & Partners PLC - London-based private equity investor in early-stage financial services firms - Supports US-based portfolio firm XPT Group LLC by helping to form Gambit Risk Finance LLC, a reinsurance vehicle for some XPT underwriting programmes. BP Marsh will invest up to $5 million into Gambit Re, with $1.9 million of this upon completion of the deal. Gambit Re will have $60 million in preferred equity in total, including also $45 million from Chicago-based Accord Capital Investments and $10 million from XPT senior management. BP Marsh will have an 8% preferred equity stake in Gambit Re.
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