CORRECT: B.P. Marsh Buys Stake In U.S. Risk (UK) For GBP1.39M

10th Jun 2010 11:17

("B.P. Marsh & Partners Buys Stake In U.S. Risk (UK) For GBP1.39M," at 0740 GMT, company misstated the companies the B.P. Marsh & Partners board representatives would be joining in the final main point. The correct version follows:) LONDON (Dow Jones)--B.P. Marsh & Partners Plc (BPM.LN), a niche venture capital provider to early stage financial services businesses, announced Thursday that, subject to Financial Services Authority approval, it has acquired a 30% equity stake in U.S. Risk (U.K.) Limited for a cash consideration of GBP1,396,417. MAIN FACTS: -U.S. Risk is the parent company of NCG Professional Risks Limited, a London based Lloyd's insurance and reinsurance broker. -The investment will be used to drive NCG's growth plans to diversify the business further and strengthen its core areas of focus: professional indemnity, North America, special risks and reinsurance. -B.P. Marsh's investment consists of an equity investment of GBP1,396,417 together with an agreement to provide additional funding of up to GBP1,950,000, subject to conditions. -B.P. Marsh financed the initial equity investment from existing cash resources. -This investment increases B.P. Marsh's portfolio to 10 companies. -As is consistent with the company's investment approach, two B. P. Marsh representatives, Brian Marsh and Daniel Topping, will join the boards of U.S. Risk and NCG. -Shares at 0737 GMT up 1.50 pence, or 1.60%, at 95 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 10, 2010 06:17 ET (10:17 GMT)