BP Marsh has acquired a 20 percent stake in Australian managing general agent ATC Insurance Solutions, the UK-based insurance investment house announced today.
News of the deal comes less than a month after Australian broking house PSC Insurance Group, which owns London intermediaries Alsford Page & Gems and Carroll & Partners, took roughly a 20 percent stake in BP Marsh.
At the time, BP Marsh said the two businesses would “consider themselves partners” with a view to working together in the UK and internationally.
Now, BP Marsh has revealed a £2.8mn ($3.7mn) investment into ATC Insurance, which writes accident and health, as well as construction and engineering business.
It also has a plant and machinery book, in addition to writing sports liability.
Established in 2009 by CEO Chris Anderson and director Shane Sheppard, ATC is a Lloyd’s coverholder headquartered in Melbourne with offices in Sydney and Brisbane. It has over 30 staff.
In the 12 months up to the end of June last year, ATC wrote A$47mn ($35.1mn). BP Marsh said that figure is expected to increase by 27.7 percent this year.
BP Marsh’s chief investment officer Dan Topping, who has joined the board to ATC, said: “ATC is a company that we have been aware of for some time and we were pleased to invest in this business, as we believe it to have a first rate management team, a growing suite of specialist insurance products, an envious track record of profitability, and sound growth potential.”
Anderson said: “BP Marsh was the right strategic partner and we expect the relationship will assist and accelerate the long term growth of ATC.”