Specialist Lloyd’s broker EC3 has picked up a substantial financial investment – in return for a 20% stake in the business.
It was announced this morning that the board of BP
Marsh & Partners Plc, the venture capital provider, had made an investment in EC3 Brokers Limited via the newly established EC3 Brokers Group Limited. The transaction means that BP
Marsh has taken a 20% equity stake in return for a £5 million cash consideration.
“We are pleased to be taking this stake in EC3, a company with an accomplished and experienced management team. We look forward to working with them to develop their business,” said BP Marsh chairman Brian Marsh.
EC3 was founded by current chief executive officer Danny Driscoll, formerly with the likes of
Aon Benfield,
Gallagher Re and
Integro Insurance Brokers, who led a buyout from AJ
Gallagher back in 2014. The company has since grown rapidly and at the end of last year reported revenue of £8.1 million. Now it focuses on an array of clients across the construction, entertainment, technology, casualty and cyber sectors.
“EC3 is an established Lloyd’s broker with a solid client base and a trusted market position,” commented Driscoll. “I am looking forward to entering into this new partnership with BP Marsh and working with them to achieve EC3’s ambitions going forward.”
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