CORRECT (Jul 10): BP Marsh Acquires 20% Of Australian Agency (ALLISS)

(Correcting that PSC UK acquired 20% of BP Marsh. Not BP Marsh acquiring a 20% stake in PSC ...

Alliance News 12 July, 2018 | 1:35PM
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(Correcting that PSC UK acquired 20% of BP Marsh. Not BP Marsh acquiring a 20% stake in PSC UK.)

LONDON (Alliance News) - BP Marsh & Partners PLC said Tuesday it has acquired a 20% stake in Australian based company ATC Insurance Solutions Pty Ltd for a cash consideration of AUD5 million.

The transaction will see BP Marsh Chief Investment Officer Dan Topping appointed to the ATC board.

ATC is a managing general agency which provides insurance services. For the year ended June 2017, ATC reported gross written premiums of AUD47 million. Expected gross written premiums for the year ended June 2018 is about AUD60 million.

Chief Investment Officer Dan Topping said: "ATC is a company that we have been aware of for some time and we were pleased to invest in this business, as we believe it to have a first rate management team, a growing suite of specialist insurance products, an envious track record of profitability, and sound growth potential. We look forward to working with the team in helping them achieve their goals."

In a separate announcement, BP Marsh said PSC UK Pty Ltd has built a 20% stake in the company. PSC now holds an interest in 7.3 million of BP Marsh's 37.5 million issued shares.

BP Marsh's stake prior to Monday's transaction was not reported.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
B.P. Marsh & Partners PLC 293.00 GBX 0.34 -
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