London-based specialist private equity investor B.P. Marsh & Partners Plc has subscribed for a 30% cumulative preferred ordinary shareholding in Toronto-based Stewart Specialty Risk Underwriting Ltd.
B.P. Marsh & Partners also will provided a six-year loan facility of C$850,000 to Steward Specialty Risk Underwriting, subject to the satisfaction of certain requirements.
Stewart Specialty Risk Underwriting is a startup specialty casualty underwriting agency that provides specialist insurance products to clients in the construction, manufacturing, onshore energy, public entry and transportation sectors. It was established in 2016 by CEO Stephen Stewart, who has previously held senior management roles at Ironshore Inc. and Lombard in Canada.
Oliver Bogue, an investment director at B.P. Marsh & Partners, will join the board of Steward Specialty Risk Underwriting.