BP Marsh invests in new London-based MGA

14th Oct 2024 13:16

(Sharecast News) - BP Marsh announced a new investment in London-based managing general agency (MGA) Volt on Monday, which specialises in energy insurance.

The AIM-traded firm said it had acquired a 25.5% cumulative preferred ordinary shareholding in Volt, and committed up to £2.5m in funding through both equity and a loan facility, with part of the funding drawn upon completion.

Volt, established by industry veterans Chris Allison, Andrew Tokley, and Kevin Cleary, was focussed on property risks related to power generation and midstream energy across both renewable and non-renewable sectors.

The three co-founders had over 25 years of experience each, having held senior roles at major insurance and reinsurance companies and MGAs, including Lloyd's syndicates.

BP Marsh said the new MGA aimed to build a client-centric, best-in-class energy transition business, underpinned by A-rated capacity from Lloyd's, with a specific focus on the US market.

Volt is a Lloyd's coverholder, and would underwrite a global portfolio of energy insurance.

As part of the investment, Abi Benson, investment director at BP Marsh, would join the Volt board.

"BP Marsh are pleased to be making this investment in Volt, founded by a seasoned and skilled management team," said chief investment officer Dan Topping.

"We look forward to working with Chris, Andrew and Kevin, to deliver on their business plan over the coming years, harnessing our experience and expertise in assisting specialist start-up underwriting agencies to develop and grow."

At 1235 BST, shares in BP Marsh & Partners were up 1.18% at 559p.

Reporting by Josh White for Sharecast.com.