LONDON (ShareCast) - (Sharecast News) - BP Marsh announced its acquisition of a 30% cumulative preferred ordinary shareholding in Ai Marine Risk, a London-based managing general agency (MGA), on Wednesday.
The AIM-traded firm said that the agreement would provide Ai Marine with up to £1.6m in funding through a combination of equity and a loan facility, with a portion of the funding to be used on completion.

Additionally, BP Marsh investment director Abi Benson would assume the nominee non-executive director role on the Ai Marine board.

The company said Ai Marine specialises in marine hull insurance and would underwrite a diverse global business portfolio, strongly emphasising the UK and Europe, the Middle East, and Asia-Pacific regions.

It was founded by Tom Fulford-Smith and Charles D'Alton.

With the backing of BP Marsh, Ai Marine's management team aimed to establish the firm as a leading customer-centric marine MGA.

The firm is based in London and operates a distribution centre in Scandinavia, intending to offer risk solutions to a global clientele.

Ai Marine had secured A-rated capacity from multiple carriers, primarily focusing on delivering long-term profitability and sustainability for its insurer-reinsurer partners.

"We are very pleased to be making this investment in Ai Marine and are looking forward to working with Tom and Charles, to enable Ai Marine to deliver substantial growth and robust results over the coming years," said chief investment officer Dan Topping.

At 1221 GMT, BP Marsh & Partners shares were up 0.15% at 451.67p.

Reporting by Josh White for Sharecast.com.

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