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PSC Insurance Group to buy stake in B.P. Marsh & Partners

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PSC Insurance Group to buy stake in B.P. Marsh & Partners

Australia-based PSC Insurance Group Ltd. will take a 19.6% to 19.9% stake in U.K.-based private equity investor B.P. Marsh & Partners PLC for about £18.5 million.

The insurance broker will subscribe for about 6,170,000 B.P. Marsh shares at £2.52 apiece, raising a total of £15.5 million. The broker will also buy an additional 1,160,000 shares from interests associated with B.P. Marsh Chairman Brian Marsh, who will remain the largest shareholder of the company with about a 45% stake.

In addition, B.P. Marsh will raise up to £1.5 million, at £2.52 per share, through an open offer to other existing shareholders.

The placement and open offer are subject to approval from B.P. Marsh shareholders. The allotment of new shares is expected to take place July 9.