B.P. Marsh & Partners investee company XPT acquires US insurer
Source - SMW
Venture capital firm B.P. Marsh & Partners said investee company XPT Group had acquired US-based SVA Underwriting Services.
SVA specialisesd in physical damage and cargo cover for the trucking insurance sector and would provide geographic expansion for XPT into the Northeast and Midwest.
B.P. Marsh & Partners currently has a 35% shareholding in XPT and provided it with futher funding of $3.22m in shares as part of the acquisition.
The SVA deal marked XPT's third acquisition since it was established in June 2017, following the purchases of Western Security Surplus Insurance Brokers and WE Love & Associates.
'This acquisition, alongside the previous two, embodies what XPT is doing to develop its synergistic presence in the US specialty insurance market,' chief executive Dan Topping said.
At 1:51pm: (LON:BPM) B.P. Marsh Partners PLC share price was +1p at 278p