BP Marsh acquires equity stake in EC3 Brokers
Venture capital firm BP Marsh & Partners has acquired 20 percent equity stake in London-based EC3 Brokers Limited for a total cash consideration of £5 million, in a mixture of preferred and ordinary shares.
EC3 is an independent specialist Lloyd’s broker and reinsurance broker that provides services to a wide array of clients across a number of sectors, including construction, casualty, entertainment and cyber & technology. EC3 has a focus in the US, UK and Middle Eastern markets.
EC3 was founded by its current chief executive officer Danny Driscoll, who led a management buyout to acquire EC3’s then book of business from AJ Gallagher in 2014. EC3 reported revenue of £8.1 million and EBITDA of £2.8 million, BP Marsh said. Driscoll has over 26 years’ experience in the insurance market having held positions at Integro Insurance Brokers, Gallagher Re and Aon Benfield.
Brian Marsh, BP Marsh chairman, said: "We are pleased to be taking this stake in EC3, a company with an accomplished and experienced management team. We look forward to working with them to develop their business."
Dan Topping, BP Marsh chief investment officer, who has been appointed to the board of EC3, commented: "This is a classic type of investment for B.P. Marsh, investing in an experienced management team with a strong plan for growth. B.P. Marsh are also pleased to be investing in another Lloyd’s broker, to which we can bring our corporate experience and knowledge."
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