Venture capital provider BP Marsh has acquired a 20 percent stake in specialist Lloyd’s broker EC3 Brokers in a £5mn deal.
BP Marsh said the stake is a mixture of preferred and ordinary shares.
EC3 provides services to clients across a number of sectors including construction, casualty, entertainment and cyber and technology, with a focus on the US, UK and Middle Eastern markets.
EC3 was founded by its current CEO, Danny Driscoll, who led a management buyout to acquire EC3’s then book of business from AJ Gallagher in 2014.
In 2016, the broker reported £8.1mn of revenue and an EBITDA of £2.8mn.
Driscoll has over 26 years’ experience in the insurance market having held positions at Integro Insurance Brokers, Gallagher Re and Aon Benfield.
BP Marsh chief investment officer Dan Topping, who has been appointed to the Board of EC3, commented: “This is a classic type of investment for BP Marsh, investing in an experienced management team with a strong plan for growth. BP Marsh are also pleased to be investing in another Lloyd’s broker, to which we can bring our corporate experience and knowledge.”