B.P. Marsh & Partners Plc, the insurance investment firm, has reported a net asset value (NAV) increase of £33.8 million for the year ended January 31, 2026, bringing total NAV to £360.2 million, as the firm announced leadership changes alongside its full-year results.
The London-listed firm reported consolidated profit before tax of £49.0 million, down from £104.7 million the previous year. The company attributed the decline primarily to a fall in unrealised gains, noting that the prior year’s figures had included £81.8 million in unrealised gains from its three largest investments – Pantheon, XPT, and ATC. Total shareholder return for the year stood at £41.7 million, or 12.8%.
The undiluted NAV per share rose to 1,009.9p from 890.0p, while the equity portfolio increased in value by 21.4% to £273.8 million after adjusting for investments and realisations.
Chief executive officer Daniel Topping said the results reflected “another year of strong strategic and financial progress, continuing to demonstrate the resilience and scalability of B.P. Marsh’s long-term partnership-led investment model.”
During the year, the group completed two disposals totalling £30.7 million. The sale of Stewart Specialty Risk Underwriting Limited to Ryan Specialty generated proceeds of £28.3 million and an internal rate of return of 89.9%. Sterling Insurance Pty Limited was sold to ATC Insurance Solutions for £3.1 million, settled in ATC equity.
The group also completed eight new equity investments during the period, including positions in Oneglobal Broking Holdings, iO Finance Partners, Sodalis Capital, Gambit Risk Finance, Cameron Specialty, Amiga Specialty, XPT Producer Co, and Salus Capital Partners.
On dividends, the group paid £8.0 million, or 21.64p per share, during the year. It has paid or proposed £13.0 million for the year ending 31 January 2027 and intends to pay a minimum of £7.0 million for the following year, bringing the aggregate across three financial years to £28.0 million.
The results were accompanied by board changes. Brian Marsh, who founded the company in 1990 and served as executive chairman until December 2025, stepped down from the board on May 26, 2026, taking the title of founder and life president. In a statement, Marsh said the group is “exceptionally well positioned for the future”.
Rebecca Shelley was appointed non-executive chair, and Barrie Cornes joined as an independent non-executive director. Shelley said the group “enters this new chapter from a position of considerable strength”.
