Besso Insurance Group, the independent Lloyd’s broker, has acquired 15% of the company’s stock from the private equity investor BP Marsh & Partners for GBP1.1m by exercising a call option.
BP Marsh increased its investment in Besso in 2011 through an option as part of the broker’s management buy-out.
The transaction will now see management own 70% of Besso and BP Marsh continues to own 30% of the group.
Besso chairman Michael Wade said that the company’s key business producers will become significant shareholders in Besso and consequently the management team’s interest is aligned with shareholders in focusing on building its independent Lloyd’s broker for the long-term.
"Besso is well placed to attract new individuals to join our group as well as actively seeking opportunities to acquire specialist firms," Wade said.