B.P. Marsh & Partners, a specialist investor in early-stage financial services businesses, has made a 30% equity investment in newly formed London Market underwriting agency Dauntless U/W Limited for a nominal consideration, alongside providing a £2 million loan facility.
Dauntless, which specialises in marine hull underwriting focused on niche, brown water, older and distressed tonnage, was co-founded by Des Keane and Charles Scott-Hopkins, both of whom have held senior underwriting positions at leading Lloyd’s syndicates, including Tokio Marine Kiln, CNA Hardy and Ascot.
B.P. Marsh’s Board believes the investment represents an attractive opportunity and is consistent with the Group’s strategy of investing in high-quality, early-stage insurance intermediary businesses.
As part of the investment, B.P. Marsh Investment Director Abigail Benson has been appointed to the board of Dauntless.
The business will operate as an Appointed Representative of DA Strategy Limited and is supported by A-rated Lloyd’s carriers.
Dan Topping, Chief Executive Officer of B.P. Marsh, commented, “We are pleased to support the launch of Dauntless and back a marine underwriting agency in the Lloyd’s and London markets. We have seen good success in this area, both in exited investments as well as within the existing portfolio.
“This investment aligns with our strategy of partnering with talented management teams at an early stage, providing the capital and support to build high-quality specialist insurance businesses.”
Des Keane and Charles Scott-Hopkins, Co-Founders and Partners of Dauntless, said, “Dauntless is the natural next step for us, bringing our combined underwriting expertise under one roof with the right capital backing.
“We are delighted to have B.P. Marsh as our investment partner and look forward to building a business founded on the quality and consistency we have delivered throughout our careers.”
The post B.P. Marsh makes 30% equity investment in newly formed London Market underwriting agency Dauntless appeared first on ReinsuranceNe.ws.
