EC3 Brokers has received a new investment from existing shareholder BP Marsh & Partners, which will take its holding in the broker to 35%.
This investment will help London-based EC3 Brokers broaden its offering and attract entrepreneurial teams to develop new market-leading products.
Formed in 2013 by CEO Danny Driscoll, EC3 Brokers is an independent commercial lines Lloyd’s broker, headquartered in London, with subsidiaries in the U.S. and the Dubai International Financial Centre (DIFC). With 50 employees, EC3 Brokers operates in the reinsurance and MGA world, specializing in wholesale property, and U.S. construction, as well as global entertainment/contingency.
“This new investment is a very welcome endorsement of our business and will enable us to further enhance our presence in the entertainment sector, while developing new products and strengthening our existing capabilities via new teams and potential acquisitions,” said Driscoll. “BP Marsh have been a strong supporter since our formation, and we welcome their continued involvement.”
In December 2017, BP Marsh & Partners Plc originally took a 20% equity stake in EC3 for a total cash consideration of £5 million. The company is a specialist investor in early stage financial services intermediary businesses, including insurance intermediaries, financial advisers, wealth and fund managers and specialist advisory and consultancy firms.
The full terms of the transaction are not disclosed and closing is subject to obtaining relevant regulatory approvals.
Source: EC3 Brokers
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