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B.P. Marsh & Partners acquires stake in Lloyd's broker

U.K.-based asset management firm B.P. Marsh & Partners Plc said it acquired a 20% stake in independent specialist Lloyd's of London broker Ec3 Brokers Ltd through an investment into EC3 Brokers Group Ltd., a newly established company.

B.P. Marsh said it acquired the stake, which will be a combination of preferred and ordinary shares, for total cash consideration of £5 million. B.P. Marsh Chief Investment Officer Dan Topping has been appointed to EC3 Brokers Ltd.'s board as part of the deal.

EC3 provides insurance and reinsurance brokerage services to clients in sectors including construction, casualty, entertainment and cyber and technology, with a focus on the U.S., U.K. and Middle Eastern markets. It was founded by CEO Danny Driscoll, who led a management buyout of the company's book of business from AJ Gallagher in 2014.