BPM B.p. Marsh & Partners Plc

14 October 2024

B.P. Marsh & Partners Plc

("B.P. Marsh", "the Company" or "the Group")

New Investment - Volt UW HoldCo Ltd ("Volt")

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early-stage financial services businesses, is pleased to announce that it has subscribed for a 25.5% Cumulative Preferred Ordinary shareholding in Volt, a London-based start-up Managing General Agency ("MGA").

B.P. Marsh has agreed to provide funding of up to £2.5m via both equity and a loan facility, which has been partially drawn upon completion.

Volt specialises in energy insurance with a clear focus on insuring property risks associated with power generation and midstream energy, in both the non-renewable and renewable sector. Volt has been established by three experienced industry practitioners, Chris Allison, Andrew Tokley and Kevin Cleary (the "Co-Founders").

Each of the Co-Founders has over 25 years' experience working in senior leadership positions at various underwriting-led businesses, including large (re)insurance companies, Lloyd's syndicates and MGAs, each having a proven track record of success.

With the support of B.P. Marsh, the Co-Founders intend to build a best-in-class, client-centric, energy transition MGA. The business will be headquartered in London and will underwrite a global portfolio of energy business, with a particular focus on the US.  

Volt is a Lloyd's Coverholder and has secured A-rated capacity from Lloyd's, with the long-term profitability and sustainability for insurers and reinsurers being a central part of Volt's business plan.

Before launching Volt, Chris Allison, Volt's Chief Executive Officer, worked at Travelers Syndicate for the last 17 years and before then at Aegis, Chubb and Allianz. During his tenure at Travelers, Chris held various senior roles including, most recently the Active Underwriter & Head of Specialty.

Andrew Tokley, Volt's Chief Underwriting Officer, also recently worked at Travelers Syndicate, holding various senior roles, most recently as Head of Energy, Property & Construction, having held previous roles at Aegis, Chubb and Swiss Re.

Kevin Cleary, Volt's Chief Operating Officer, also has held a number of senior Management positions, having spent the last 8 years at Optio, in a number of different roles, including Chief Operating Officer.

As part of this transaction, Abi Benson, an Investment Director and Executive Director of B.P. Marsh & Company Ltd, will be appointed to the Board of Volt.

Dan Topping, Chief Investment Officer of the Company, commenting on this investment, stated:-

"B.P. Marsh are pleased to be making this investment in Volt, founded by a seasoned and skilled management team. We look forward to working with Chris, Andrew and Kevin, to deliver on their business plan over the coming years, harnessing our experience and expertise in assisting specialist start-up underwriting agencies to develop and grow."

Chris Allison, CEO of Volt, commented:-

"We look forward to working with B.P. Marsh, as we enter the next phase of our careers in establishing Volt. Alongside B.P. Marsh, our goal is to build Volt into a successful best-in-class MGA, with Energy being our marquee product line, with other synergistic product offerings being developed over time.

B.P. Marsh has a proven record of investments in our space, and we believe that they are the perfect partners to help Volt achieve its long-term goals."

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Notes to Editors:

B.P. Marsh's current portfolio contains seventeen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for over ten years.