BP Marsh's assets expand with investment in Australian insurance firm

BP Marsh & Partners substantially increased its net asset value in the first six months of its financial year, the company said on Tuesday.

The half-year ended 31 July saw the financial services investor increase its net asset value by 35% to £120.1m after completing a new investment into ATC Insurance Solutions of Melbourne, Australia and raising £16.6m in a July placing and open offer.

Excluding the proceeds from the fundraising, the AIM traded company’s net asset value jumped by 4.7% during the period.

Among BP Marsh’s current investments highlights include LEBC Group, which announced revenue growth of 20% to £10.2m and trading profit growth of 100% to £2.4m for the six month period preceding 31 March.

Meanwhile, Nexus Underwriting announced completed the acquisitions of Huntington Underwriting and Altitude Risk Partners in early September and CBC UK acquired 100% of Jersey-based PBS Insurance.

Brian Marsh, chairman, said: "The performance of our portfolio of eighteen investments has been pleasing during the period with the majority of our investments delivering strong returns. We expect this to continue for the remainder of the year."

"From a wider perspective, we continue to watch global political developments, including the UK's exit from the European Union, with the reassurance that the geographic spread of the portfolio provides sufficient diversification to minimise any consequential impact," said Marsh.

The company has already stated that the current full year would match or exceed the 4.76p per share paid for the last full year to 31 January 2018.

BP Marsh & Partners’ shares were up 0.35% at 284.00p at 1133 BST.