B.P. Marsh & Partners Plc has snapped up a 35% stake in Salus, a newly launched UK insurance intermediary group specialising in professional indemnity (PI) cover. The specialist private equity investor’s move signals growing confidence in the sector and marks a significant backing for Salus as it sets its sights on shaking up the PI insurance market.
The investor has committed up to £2 million in funding through a mix of equity and a loan facility, part of which was drawn down at completion. The deal is the latest move by B.P. Marsh to strengthen its portfolio of specialist intermediaries in niche areas of the insurance market, where expertise and relationships often carry greater weight than scale.
Salus will operate through two subsidiaries. Forte Professions Limited will act as a PI broker, targeting UK-domiciled clients such as architects, engineers, construction firms, surveyors, accountants and other brokers. Scribe MGA Limited, its underwriting arm, will focus initially on small and medium-sized enterprises in construction, surveying and accountancy.
The group has been founded by four experienced market practitioners, namely, James Page, Matthew Jones, Dawn Zacharow and Stuart Barker. Their combined expertise in broking and underwriting within PI insurance spans close to a century.
Based in Bristol, Salus is positioning itself as a client-focused brokerage and underwriting agency, providing access to specialist cover at a time when PI capacity remains constrained.
Dan Topping (pictured above), chief investment officer at B.P. Marsh, said the firm views Salus as an excellent fit for its diversified investment portfolio, citing the management team's track record and business plan as key strengths. Associate director Sophia Gooddy will also join the Salus board as part of the investment.
Industry observers noted that the move comes against a backdrop of persistent challenges in the UK PI market.
Capacity has been restricted since the mid-2010s, particularly for construction and financial professionals, while claims inflation and regulatory scrutiny continue to pur pressure on underwriting performance. This has opened opportunities for nimble, specialist players able to combine technical knowledge with focused distribution.
By launching with both a broking and MGA platform, Salus is aiming to cover both sides of the PI transaction. Analysts said this dual structure could give the start-up flexibility to respond quickly to client demand while appealing to capacity providers looking for targeted underwriting strategies.
The investment highlighted continued interest from private equity in insurance intermediaries, particularly in segments were expertise can be a differentiator. For Salus, the backing of B.P. Marsh provides a platform to pursue its ambition of becoming a leading PI intermediary at a time when demand for specialist advice and tailored cover is unlikely to ease.
