Investor BP Marsh and Partners Plc, which has a focus on early-stage financial services businesses, has acquired a 30% stake in Dauntless U/W Limited, which is a London market underwriting agency specialising in marine hull insurance.

The investment in newly formed Dauntless includes a £2m loan facility. It is an appointed representative of DA Strategy Limited and specialises in providing cover for brown water, older and distressed tonnage vessels.

Dan Topping, chief executive officer of BP Marsh, said: "We are pleased to support the launch of Dauntless and back a marine underwriting agency in the Lloyd's and London markets. We have seen good success in this area, both in exited investments as well as within the existing portfolio.

“This investment aligns with our strategy of partnering with talented management teams at an early stage, providing the capital and support to build high-quality specialist insurance businesses.”

Des Keane and Charles Scott-Hopkins, co-founders and partners of Dauntless, added:
“Dauntless is the natural next step for us, bringing our combined underwriting expertise under one roof with the right capital backing.

“We are delighted to have BP Marsh as our investment partner and look forward to building a business founded on the quality and consistency we have delivered throughout our careers.”