BP Marsh & Partners announced that net asset value (NAV) for the year ended 31 January 2026 increased by £33.8 million to £360.2 million, an increase of 10.3% on the previous year.
The company’s stock portfolio, adjusted for investments and realizations, grew 21.4% during the same period. However, consolidated pre-tax profits fell to £49m, down from £104.7m reported the previous year.
CEO Daniel Topping attributed the overall performance to the company’s long-term investment model and disciplined capital allocation.
Daniel Topping, chief executive of BP Marsh & Partners, said: “The group has made another strong strategic and financial progress, continuing to demonstrate the resilience and scalability of BP Marsh’s long-term partner-led investment model.”
He continued: “For the year ended January 31, 2026, the equity portfolio’s valuation, adjusted for investments and realizations, increased by 21.4%, while net asset value increased by 10.3%. This performance was achieved alongside significant portfolio activity, including two realizations, eight new investments, multiple follow-on investments in existing high-performing portfolio companies, and continued shareholder distributions through dividends and share repurchases.”
During the year, BP Marsh expanded its international specialty finance and insurance distribution portfolio by supporting eight new investments and providing follow-on funding to several of its strongest performing businesses, including Pantheon, XPT and ATC.
Shareholders also continued to receive distributions through dividends and stock buybacks during this period.
The company also reported two disposals this year, which generated a total gain of £30.7m. The largest of these was the sale of Stewart Specialty Risk Underwriting Limited to Ryan Specialty for £28.3 million, achieving an IRR of 89.9%.
BP Marsh has also completed the sale of Sterling Insurance Pty Limited to ATC, increasing its strategic holding in one of Australia’s leading independent underwriters.
During the financial year, Brian Marsh also transitioned from non-executive chairman to founder and life president.
Topping commented: “In May 2026, Brian stepped down from his governance responsibilities to become founder and lifetime president. His legacy is not only the company he founded, but also the culture, ideas and people: a company that continues to invest in the way he always believed in.”
“The BP Marsh board and entire team are extremely proud to recognize Brian’s outstanding contribution and are deeply grateful for the foundation he has built and look forward to working with him in his new role.”
In addition, Rebecca Shelley has been appointed as non-executive chairperson of the BP Marsh board and Barrie Cornes has been appointed as an independent non-executive director.
Shelley is an experienced Chairman and Senior Independent Director with a proven track record at public and private companies in the financial services, insurance and consumer sectors, currently serving as Chairman of Saber Insurance Group plc and holding senior board positions at Conduit Holdings Limited, Liontrust Asset Management PLC and Hilton Food Group plc.
Cornes has more than 40 years of experience in the insurance industry, serving as managing director and head of research at Panmure Gordon, a leading equity insurance analyst and holding senior investor relations and underwriting roles at Jardine Lloyd Thompson PLC and RSA Insurance Group.
