Boost for Lloyd's broker EC3 as investor BP Marsh increases stake to 35%

Insurance venture capital firm BP Marsh & Partners has increased its stake in London-based EC3 Brokers to 35 percent to help accelerate the broker's expansion plans.

The additional investment will enable EC3 to broaden its offering in the sports and entertainment sector, as well as attract entrepreneurial teams to develop new products.

Earlier in December 2017, BP Marsh had acquired a 20 percent equity stake in EC3 for a total cash consideration of £5 million.

Formed in 2013 by CEO Danny Driscoll, EC3 is an independent commercial lines Lloyd’s broker, headquartered in London with subsidiaries in the US and the DIFC. EC3 Brokers is an intermediary in the reinsurance and MGA world, specialising in wholesale property, and US construction, as well as global entertainment/contingency.

Driscoll said: “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. BP Marsh have been a strong supporter since our formation and we welcome their continued involvement.”