21 June 2023

B.P. Marsh & Partners Plc

("B.P. Marsh" or the "Company")

New Investment - Pantheon Specialty Limited ("Pantheon")

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses, is pleased to announce that it has subscribed for a 25% stake in Pantheon Specialty Limited ("Pantheon"), a new holding company established in partnership with Robert Dowman.

Robert Dowman has over 30+ years of experience in the insurance industry, starting his career in 1989 at the Lloyd's Broker Gallagher Plumer. Robert spent six years at Gallaghers before joining Jardine Insurance Brokers in 1995. Robert then joined Besso's Casualty Division in 2000, becoming Managing Director of Besso Global Casualty in 2007 and Joint CEO of Besso Group and Besso Limited in 2015.

Robert is seen by the industry as a leading London Market Casualty broker, specialising in the larger more complex liability placements across the world, whether that be on a facultative or programme basis.

Upon the establishment of Pantheon, it acquired a 100% shareholding in the existing Lloyd's Broker, Denison and Partners Limited ("Denison and Partners"), in which B.P. Marsh owned a 40% stake. As part of this process, B.P. Marsh has also provided Denison and Partners with further loan funding of £500,000.  

Denison and Partners was established in March 2022 by Alasdair Ritchie, with the support of B.P. Marsh. Alasdair has over 40 years of experience in the (re)insurance market. Prior to establishing Denison and Partners, Alasdair had held a number of senior roles at Willis Group, now known as Willis Towers Watson (WTW), Marsh McLennan and most recently BMS Group. At BMS Group Alasdair established, and was Managing Director of, BMS Professional and Financial Risks Limited.

As part of this transaction, Robert Dowman will become the CEO of both Pantheon and Denison and Partners, the latter subject to regulatory approval. Alasdair Ritchie will become Chairman of both Pantheon and Denison and Partners. Dan Topping will join the Board of Pantheon and remain on the Board of Denison and Partners, as the Non-Executive Director representing B.P. Marsh.

With the support of B.P. Marsh, Robert Dowman is looking to build a market leading independent specialist broker, across multiple markets. This will be alongside Denison and Partners continued growth, as per their original business plan. 

Robert Dowman, the Founder and CEO of Pantheon commented:-

"I once again look forward to working with B.P. Marsh, as I embark on this new phase of my career.

 I am also looking forward to working with Alasdair Ritchie, as Chairman, and Dan Topping, as Non-Executive Director."  

Alasdair Ritchie, Chairman of Pantheon commented:-   

"I welcome this new association with Robert Dowman and Pantheon's ambitious growth plans, especially at a time when the broker insurance market is lacking true independent thought."

Dan Topping, B.P. Marsh's Chief Investment Officer and nominee Director on the Board of Denison and Partners and Pantheon stated:-

"Following our long previous association with Robert Dowman, we welcome this opportunity to enter into partnership with him once again. Robert has a strong and proven track record in growing businesses and is one of the most experienced brokers in his field of expertise.

Such an investment, and the acquisition of Denison and Partners and association with Alasdair Ritchie, is an example of the flexible and unique approach the business can take to structuring an investment.

We look forward to working with Robert and Alasdair over the coming years in developing their businesses."

For further information:                                                                       

Notes to Editors:

B.P. Marsh's current portfolio contains fifteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for approaching ten years.

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