BP Marsh invests

Insurance-focused investor BP Marsh has acquired a 30 per cent equity interest in new London market managing general agent Dauntless Underwriting. As part of the transaction, BP Marsh has provided a £2 million loan facility. Backed by Lloyd's capacity, Dauntless specialises in marine hull underwriting focused on niche, brown water, older and distressed tonnage. The business was founded by Des Keane and Charles Scott Hopkins. As part of the transaction, Abigail Benson, investment director at BP Marsh, has joined the Dauntless board.