Brought to you by:
AIG
AIG

Australia delivers for PSC-linked UK investor

Facebook Twitter LinkedIn Google

BP Marsh & Partners, a UK private equity investor in which PSC Insurance Group has a minority holding, says its Australian portfolio did well for the half-year to July 31.

ATC Insurance Solutions, one of four investments that make up the portfolio, achieved a $23 million rise in gross written premium to $84 million.

The group has a 20% stake in ATC, which specialises in accident and health, construction and engineering, trade pack and sports insurance. It also owns 19.7% of Sterling Insurance and 40% of MB Prestige Holdings.

In July it invested an initial $1.47 million in holding company Agri Services, which acquired Sydney-based Ag Guard.

“BP Marsh's existing investments in Australia continue to perform well in a challenging insurance market, with premium income and profitability increasing across the board,” the business says.

“This is in response to a more positive insurance market internationally, and it also underlines the intrinsic quality of these companies and their management teams.

“Additionally, the group was pleased to note that all of the company's Australian [managing general agents] successfully renewed their underwriting capacity support with Lloyd's and the international insurance markets.”

On Ag Guard, the business says the “start-up…will no doubt face initial challenges.”

BP Marsh made an overall half-year net profit of £5.6 million ($10.6 million), down from £6.2 million ($11.7 million) a year earlier.