Specialist personal fairness investor B.P. Marsh has invested an additional $12.6m in US-based wholesale insurance coverage broking and underwriting company platform XPT Group.
The funding supplied is structured as an fairness share buy from three senior managers of XPT and a brand new mortgage facility amounting to $6.3m.
B.P. Marsh chief funding officer Dan Topping stated: “We’re delighted to help XPT Group with this extra funding. Since our preliminary involvement in 2017, XPT has demonstrated distinctive efficiency, pushed by strategic acquisitions, expertise hires and stable natural development.
“By growing our fairness stake and offering additional mortgage help, we’re reinforcing our dedication to XPT’s ongoing enlargement. We look ahead to seeing this new capital increase XPT’s development technique as they proceed to cement their place available in the market.”
Presently, XPT advantages from a $67m banking facility with Apogem Capital.
With the brand new funding from B.P. Marsh, Apogem can also be growing its help with an extra $55m mortgage facility. This enlargement will increase XPT’s general banking facility to $122m.
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The extra funding from Apogem has led to a syndication of the mortgage facility, with First Eagle Financial institution contributing a portion of the brand new funds.
The brand new capital injection and the extra banking amenities will help XPT in attaining its development aims together with natural enlargement, strategic hires and M&A.
XPT CEO Thomas Ruggieri stated: “Since our founding in 2017, we’ve got targeted on increasing our footprint by way of each acquisitions and natural development, permitting us to succeed in almost $1bn in gross written premium this yr.
“This new funding from B.P. Marsh, coupled with the elevated banking facility from Apogem and now First Eagle Financial institution, empowers us to pursue new alternatives, strengthen our group and proceed to ship distinctive worth to our purchasers throughout america.”
Final month, B.P. Marsh invested in Volt, a London-based managing basic company targeted on power insurance coverage.
