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B.P. Marsh takes 30% stake in marine underwriting agency Dauntless
The deal also includes a £2 million loan facility for the newly formed London Market underwriting agency, with B.P. Marsh naming an investment director to Dauntless' board.
B.P. Marsh & Partners has made a 30% equity investment in newly formed London Market underwriting agency Dauntless U/W Limited for a nominal consideration, Reinsurance News reported.
Alongside the equity stake, B.P. Marsh provided a £2 million loan facility, according to the report. Dauntless focuses on marine hull underwriting for niche brown water and older and distressed tonnage.
Reinsurance News said Dauntless was co-founded by Des Keane and Charles Scott-Hopkins, and that both previously held senior underwriting roles at Lloyd’s syndicates including Tokio Marine Kiln, CNA Hardy and Ascot.
As part of the investment, B.P. Marsh Investment Director Abigail Benson was appointed to Dauntless' board, and the business will operate as an Appointed Representative of DA Strategy Limited with support from A-rated Lloyd’s carriers, the outlet added.