B.P. Marsh & Partners Plc
Investment in ATC Insurance Solutions PTY Limited
The Board of B.P. Marsh & Partners Plc, the venture capital provider to early stage financial services businesses (AIM: BPM), is pleased to announce an investment into the Australian based company ATC Insurance Solutions PTY Limited (“ATC”). This transaction has seen the Group take a 20% equity stake in ATC for a total cash consideration of AUS$ 5m (£2.8m).
ATC is a Managing General Agency which provides insurance services to a wide array of clients across a number of sectors, including Accident & Health, Construction & Engineering, Plant & Equipment and Sports Liability.
Chief Executive Officer, Chris Anderson and Director, Shane Sheppard established ATC as a Lloyd's Coverholder in 2009. ATC is headquartered in Melbourne, with offices in Sydney and Brisbane, employing more than 30 people.
For the year ended 30 June 2017, ATC reported Gross Written Premium of AUS$ 47m. The budget for the year ending 30 June 2018 is projecting substantial year on year growth for ATC, with expected Gross Written Premium of circa AUS$ 60m.
Dan Topping, B.P. Marsh Chief Investment Officer, who has been appointed to the Board of ATC commented, “ATC is a company that we have been aware of for some time and we were pleased to invest in this business, as we believe it to have a first rate management team, a growing suite of specialist insurance products, an envious track record of profitability, and sound growth potential. We look forward to working with the team in helping them achieve their goals.”
Commenting on the investment, Mr. Anderson, stated “B.P. Marsh was the right strategic partner and we expect the relationship will assist and accelerate the long term growth of ATC. The management team at ATC are looking forward to this new partnership going forward.”