Panmure Liberum acts as Sole Bookrunner in the Secondary Placing of a total of £23.6m B.P. Marsh Stock
We are pleased to announce that Panmure Liberum acted as Sole Bookrunner for PSC UK Pty Ltd, the Selling Shareholder, part of the Ardonagh Group, in connection with the £23.6m Secondary Placing of ordinary shares of B.P. Marsh & Partners Plc, representing its remaining c.9.8% interest in the Company.
B.P. Marsh, founded by Brian Marsh in 1994 and quoted on AIM in 2006, invests in early-stage insurance intermediaries that many investors would often find hard to reach, including brokers and MGAs (managing general agents, insurance agencies that underwrites policies on behalf of insurers) in the UK, Europe, North America, Australia and Singapore.
The Ardonagh Group, a large independent UK insurance broker, inherited a c.20% holding in B.P. Marsh through an acquisition in October 2024 of an Australian insurance broker, PSC Insurance Group, which was the second largest shareholder in B.P. Marsh since 2018.
In early May 2025, Panmure Liberum announced the successful completion of the sale of 3.7 million of PSC’s shares in B.P. Marsh (via accelerated bookbuild and secondary share sale) which left a remaining stake of 9.8%.
On Thursday 7 August 2025, Panmure Liberum announced the successful completion of the sale of 3.6 million of PSC’s shares in B.P. Marsh (via accelerated bookbuild) at a price of 650 pence per share. Following settlement of the Placing, PSC will have exited its shareholding in B.P. Marsh in full.
As part of the Placing, PSC sold 769,231 Placing Shares to B.P. Marsh for a total aggregate amount of £5 million, under B.P. Marsh's existing buyback authority.
Panmure Liberum acted as Sole Bookrunner to the Selling Shareholder and has been Nominated Adviser & Joint Corporate Broker to B.P. Marsh since 2011.
Panmure Liberum Team
Corporate Broking - David Watkins, Sam Elder
Investment Banking – Stephen Jones, Atholl Tweedie, Amrit Mahbubani
Sales – Tony Beckett, Anita Surana, Oliver Houghton, Joel Knight
Trading – Adam Howson
Research – Barrie Cornes, Maraleis Sinton
IR – Jodi Hutchins
Legal & Compliance - Emily Troubridge, Harriet Blackie, Rosie Kinsella
