BP Marsh buys 30% stake in marine agency Dauntless
BP Marsh & Partners acquired a 30% stake in newly formed marine hull underwriting agency Dauntless for a nominal consideration, backed by a £2 million ($2.64 million) loan facility.
64 million) loan facility. The London market agency focuses on underwriting niche marine hull segments, including brown water vessels, older ships and distressed tonnage. Dauntless will operate as an appointed representative of DA Strategy and has secured backing from A-rated Lloyd's carriers, the company said. Dauntless was co-founded by industry veterans Des Keane and Charles Scott-Hopkins, who previously held senior underwriting roles across prominent Lloyd's syndicates, including Tokio Marine Kiln, CNA Hardy and Ascot.
As part of the transaction, Abigail Benson, an investment director at BP Marsh, will join the Dauntless board. "We are pleased to support the launch of Dauntless and back a marine underwriting agency in the Lloyd's and London markets," Dan Topping, CEO of BP Marsh, said. " The deal adds to BP Marsh’s expanding international portfolio of companies, following investments in London-based Devonshire Underwriting, Prague-based CEE Specialty and US specialty platform XPT. 1 million in US-based Autonomy Investment Partners.
7571 pounds)