B.P. Marsh & Partners Plc has invested £10 million to take a minority stake in Oneglobal, a London-based insurance broker. Oneglobal, which is mainly owned by private equity firm J.C. Flowers & Co., focuses on retail and wholesale insurance services.
The investment comes in the form of cumulative convertible preferred shares, which offer an 8% annual preferred dividend. If converted, B.P. Marsh’s stake will represent 10% of Oneglobal’s fully diluted shares. This funding will help Oneglobal grow, starting with acquiring a Bermudian specialty insurance broker and expanding further into Asia.
Oneglobal was created in 2018 by merging two Lloyd’s brokers owned by J.C. Flowers. Today, it operates from 15 offices worldwide, including in Europe, Asia, the Americas, and the Middle East. The company works across many insurance sectors like marine, property, aviation, energy, and financial lines. Oneglobal expects to bring in about £50 million in brokerage revenue by 2025.
The company is led by a strong team. Jonathan Palmer-Brown serves as group chairman and has held top roles at JLT and Aon Global Specialty. Roger Spicer, Oneglobal’s CEO, was formerly CEO of SSL and helped start Oneglobal. Hugh Crossland, the CFO, previously led mergers and acquisitions at JLT.
Brian Marsh, chairman of B.P. Marsh, said this opportunity fits their approach, even though the investment size is bigger than usual for them. Dan Topping, B.P. Marsh’s chief investment officer, will join Oneglobal’s board and praised the company’s talented leadership and potential.
Jonathan Palmer-Brown of Oneglobal said the new capital and support will boost their acquisition plans and help them grow sustainably. Jonathan Cox, managing director at J.C. Flowers, welcomed B.P. Marsh’s involvement and looked forward to working together as Oneglobal continues to grow internationally and at Lloyd’s of London.
This partnership marks a significant step for Oneglobal as it seeks to expand its specialty insurance services with the backing of experienced investors.