Robert Dowman, who was a joint chief executive at Lloyd’s broker Besso Insurance Group prior to his departure last year, has formed Pantheon Specialty Limited with the backing of B.P. Marsh and Partners Plc.
In B.P. Marsh’s announcement, the specialist private equity investor said it subscribed for a 25% stake in Pantheon. Dowman is no stranger to B.P. Marsh, which invested in Besso for more than two decades before selling it to BGC Partners in 2017. Currently, Besso is owned by The Ardonagh Group.
“I once again look forward to working with B.P. Marsh, as I embark on this new phase of my career,” said Dowman, founder and chief executive of Pantheon. “I am also looking forward to working with Alasdair Ritchie, as chairman, and Dan Topping, as non-executive director.”
As a new company, the first thing Pantheon did was acquire 100% of Denison and Partners Limited. B.P. Marsh, which is providing Denison and Partners £500,000 in further loan funding, owned a 40% stake in the Lloyd’s broker that was established by Ritchie in 2022.
The Denison and Partners CEO will now become chair of the firm he set up, as well as of Pantheon. Dowman, meanwhile, will serve as chief executive of both entities. Additionally, B.P. Marsh chief investment officer Dan Topping will remain on the Denison and Partners board while joining that of the new business.
“Following our long previous association with Robert Dowman, we welcome this opportunity to enter into partnership with him once again,” commented Topping, who recently hinted at B.P. Marsh potentially striking a deal with a specialist Lloyd’s start-up broker.
“Robert has a strong and proven track record in growing businesses and is one of the most experienced brokers in his field of expertise. Such an investment, and the acquisition of Denison and Partners and association with Alasdair Ritchie, is an example of the flexible and unique approach the business can take to structuring an investment.”
Meanwhile Ritchie added: “I welcome this new association with Robert Dowman and Pantheon’s ambitious growth plans, especially at a time when the broker insurance market is lacking true independent thought.”
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