BP Marsh, a specialist private equity investor, has acquired a 44% stake in Czech Republic-based managing general agent (MGA) CEE Specialty.
The company invested €3.3m ($3.67m) in the MGA to support a management buyout.
Go deeper with GlobalData
Established in 2019, CEE Specialty focuses on marine hull, bonds and liability insurance, with a focus on central and eastern Europe.
The underwriting agency has its headquarters in Prague, Czech Republic, and maintains a branch office in Bucharest, Romania, employing a total of 15 insurance professionals.
CEE Specialty sees BP Marsh as the “perfect partner” to facilitate its strategy of expanding its product offerings.
Prior to this deal, CEE Specialty was largely held by CEE Specialty Holdings, under the umbrella of Royalton Capital Investors II.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUsing BP Marsh’s backing, the management team has now acquired a 56% ownership stake, finalising the buyout from Royalton.
The leadership at CEE Specialty includes CEO James Grindley, who brings 28 years of executive management experience in the reinsurance industry, and CFO Tomáš Maršálek, who has been working for 19 years in fund management and venture capital.
BP Marsh chief investment officer Dan Topping said: “We are excited to partner with a motivated management team with a well-established business, a solid client base and significant upside potential.
“Our investment in CEE Specialty is a testament to our modus operandi, supporting a management team to undertake a management buyout and receive majority control of the business, allowing them to take the business to next level of growth.”
CEE Specialty joint founders James Grindley and Tomáš Maršálek said: “We are delighted to have BP Marsh as a partner in CEE Specialty to support us in achieving our long-term ambitions and goals set out in our business plan.
“In addition to BP Marsh’s financial investment, their team brings significant insurance experience and expertise. Over the coming years, CEE Specialty is looking to continue its profitable growth by further expanding and diversifying its array of marine, bond and liability products.”
Earlier in the year, BP Marsh expanded its portfolio with a 30% stake in Ai Marine, a London-based MGA specialising in marine hull insurance, targeting the UK, Europe, Middle East and Asia-Pacific regions.
In May of the previous year, BP Marsh also acquired a 35% share in British MGA Verve Risk Services, which provides professional and management liability solutions across North America and the Caribbean.
