Specialist financial services early-stage investor BP Marsh has reported that specialist Lloyd’s broker Lilley Plummer Risks Ltd, in which BP Marsh has invested, was on course to produce brokerage fees in excess of US $2m in its first year of trading, exceeding its strategic goals more quickly than originally planned.
BP Marsh invested in Lilley Plummer in October 2019, with the Company taking a 30% equity stake for a total cash consideration of £1m, in a mixture of Redeemable and Non-Redeemable Preference shares.
The founding management team at Lilley Plummer consisted of Stuart Lilley and Dan Plummer, both of whom have wide experience in the marine insurance sector, in London and internationally.
BP Marsh said that, while Lilley Plummer had set out to be a Marine broker first and foremost, the business had expanded its product offering into a number of niche and diverse areas.
It has placed the insurance programmes for a number of fishing fleets operating off the coast of Taiwan as well as providing risk solutions for high profile ship owners in Greece, Turkey and the Middle East. Lilley Plummer has also responded to the demand for coverage in war stricken areas, and has seen an increasing number of enquiries for coverage for oil tankers operating in the straits of Hormuz, BP Marsh said.
Set up as a London-based broker, Lilley Plummer has broadened the geography of their work, placing business from Greece, elsewhere in Europe, the Gulf, the Middle East, and the Far East. In October 2020 Lilley Plummer opened an office in Nicosia, Cyprus.
Lilley Plummer has most recently recruited Steve Nagle, who is joining the business on January 1st 2021. BP Marsh said that Nagle, with 16 years’ experience in the London Market, whose wide experience includes four years as a technician and broker focusing on Ports and Terminals and Afghan business would bring to Lilley Plummer “a wealth of experience across Terrorism, Political Violence and Energy insurance, in both the US and the Middle East”.
Lilley Plummer said that it was “delighted with the success of Lilley Plummer in its first year. Our partnership with BP Marsh has enabled us to grow our existing Shipping portfolio as planned and also diversify into new product lines, as demonstrated within our original business strategy. We believe this strong base now created, which has been facilitated by BP Marsh, will enable us to execute our future ambitious plans of continuing to quickly and diligently expand the company, in terms of both personnel and areas of expertise”.