The company aims to deliver risk solutions to a global portfolio of marine clients. Credit: Sven Hansche/Shutterstock.

Specialist private equity investor BP Marsh has acquired a 30% stake in Ai Marine, a London-based MGA specialising in marine hull insurance. 

BP Marsh, which is focused on early-stage financial services businesses, said it will invest up to £1.6m ($2.03m) through a combination of equity and a loan facility, with a portion being drawn down upon completion. 

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The MGA will underwrite an array of businesses, with a focus on the UK and Europe, Middle East and Asia-Pacific.  

With BP Marsh’s backing, Ai Marine’s management plans to establish a “client-centric” marine MGA. 

The company, headquartered in London and with a distribution centre in Scandinavia, aims to deliver risk solutions to a global portfolio of marine clients.  

The investment is expected to enhance Ai Marine’s capabilities and reach in the marine insurance sector. 

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As a result of the deal, BP Marsh & Company’s investment director and executive director Abi Benson will become the nominee non-executive director on Ai Marine’s board.  

Concurrently, Jonny Moss has assumed the role of chief underwriting officer at Ai Marine.  

Moss, a naval architect, transitions to this role after serving as senior underwriter at Norwegian Hull Club’s London office.  

He started his marine insurance career with XL Catlin in 2016. Before that, he spent five years in the maritime defence sector, working on the design and consultancy of submarines and warships. 

Ai Marine co-founders Charles D’Alton and Tom Fulford-Smith said:  ”We are excited to enter into this partnership with BP Marsh. They are a strong team with a proven record of sound investments and sustainable strategic partnerships. With their support, we look forward to achieving our long-term goals.” 

BP Marsh chief investment officer Dan Topping said: “We are very pleased to be making this investment in Ai Marine and are looking forward to working with Tom and Charles, to enable Ai Marine to deliver substantial growth and robust results over the coming years.”