Birketts backs B.P. Marsh on investment

Birketts has advised specialist financial services investor B.P. Marsh & Partners Plc on its investment in Dauntless U/W Limited, a newly established London Market underwriting agency focused on marine hull insurance. The transaction involved B.P. Marsh obtaining a 30% equity stake in Dauntless while also providing a £2 million loan facility aimed at facilitating the launch and growth of the business.

Dauntless will concentrate on marine hull underwriting, particularly emphasizing niche and complex risks. It will operate as an Appointed Representative of DA Strategy Limited, underpinned by A-rated Lloyd's capacity providers. This investment fits seamlessly with B.P. Marsh's enduring strategy of supporting entrepreneurial management teams within specialist insurance and financial services sectors, providing both capital and strategic backing for scaling purposes.

The Birketts corporate team was spearheaded by partner Salim Somjee and supported by solicitor Will May. Delving into the significance of the investment, Dan Topping, Chief Executive Officer of B.P. Marsh, stated “Dauntless represents an exciting addition to our portfolio and reflects our continued commitment to backing high-quality management teams with deep sector expertise. We appreciated the support provided by the Birketts team throughout the transaction and look forward to working with Des, Charles and their colleagues as they grow the business.”

Salim Somjee, expressing pride in the firm's role, mentioned “We are pleased to have supported B.P. Marsh on this investment in Dauntless. The transaction brings together an experienced underwriting team with a specialist proposition in a well-established segment of the London insurance market. We look forward to seeing the business develop and wish both B.P. Marsh and the Dauntless team every success in this next step.”