Amiga acquires a significant 49% stake in its operations held by B.P. Marsh
Amiga Specialty Expands with International Ventures and Strategic Investments
Amiga Specialty, a new specialty underwriting agency, is making significant strides in its growth journey. With a recent overseas venture in Hong Kong and strategic investments, the company is positioning itself for a broader market presence and a wider range of specialty underwriting offerings.
The agency's portfolio will encompass a diverse range of specialty products across key international markets. In the Asia Pacific region, Amiga Specialty has appointed Ralph Sherbahn as Managing Director for Financial Lines, strengthening its presence in the region. Furthermore, the company has bolstered its transactional risks business by hiring a Nexus director with legal expertise to build out this team.
Amiga's growth trajectory is partially attributed to the investments and support from B.P. Marsh and Partners Plc. B.P. Marsh has acquired a 49% shareholding in Amiga, providing the agency with a five-year £10m loan facility, with £0.5m drawn down on completion. Subsequent drawdowns are conditional upon B.P. Marsh's approval.
Adam Kembrooke, Founder & Managing Director of Amiga, expressed confidence in the company's ability to achieve its ambitious business plans with B.P. Marsh's support. Kembrooke, an industry veteran with over two decades of experience in the insurance sector, has also played a key role in expanding Kentro's presence in the U.S. market.
In addition to its investment in Amiga, B.P. Marsh has made strategic acquisitions in the financial services sector. The company has acquired a 25.5% Cumulative Preferred Ordinary shareholding in Volt, a London-based start-up Managing General Agency ("MGA"), and a further 2% shareholding in Pantheon at an equity value of £275m. B.P. Marsh has also acquired a 30% Cumulative Preferred Ordinary shareholding in SRT & Partners Limited.
All these acquisitions are in early-stage financial services businesses, suggesting a forward strategy of nurturing and scaling these ventures. The equity value of the acquisitions for Volt and SRT is not specified.
With these strategic moves, Amiga Specialty is poised to expand its geographical footprint and diversify its specialty underwriting offerings, making it a formidable player in the specialty Managing General Agency (MGA) sector.
- Amiga Specialty's geographical expansion and diversification of specialty underwriting offerings, facilitated by strategic investments and acquisitions, position the agency as a potential key player in the specialty Managing General Agency (MGA) sector, engaging in international business events and financing ventures.
- B.P. Marsh's strategic investments, including a 49% shareholding in Amiga Specialty and acquisitions in early-stage financial services businesses such as Volt and SRT & Partners, indicate a forward strategy aimed at nurturing and scaling these ventures, which could lead to new investing opportunities and underwriting events for Amiga Specialty.
