BP Marsh & Partners has acquired an equity interest of 25% in JMD Specialist Insurance Services Group, for a consideration of £0.6m. The transaction is the first new investment made by BP Marsh since it floated on AIM in February 2006.
JMD is a specialist accelerated premium collection service based in London. Its services include: premium collection and control; facility management; reinsurance recoveries and commutations.
BP Marsh is funding the investment using its existing cash resources. In line with the Company's investment approach, a BP Marsh director will join the board of JMD.
Brian Marsh OBE, BP Marsh's chairman, said: “JMD has enjoyed a strong reputation in the market for the quality of its people, services and systems. Its proven track record of achieving measurable profit enhancements for its clients and excellent management team makes JMD a very attractive investment proposition. We are delighted to provide the support needed to enable them to exploit certain opportunities available to them. ”
John Dewen, chief executive of JMD, commented: "The Group is now embarking upon the next stage of its strategic development and we are delighted that BPM, a niche investor in the insurance industry, shares our vision for the future. Insurance market reforms and the current appetite for change are presenting a number of opportunities for the Group and BPM's involvement ensures that we will be able to progress them to their full potential.”
