Private equity firm B.P. Marsh has increased its shareholding in broker Pantheon to 39% by purchasing an additional 2% equity.
The transaction, which values the equity at £275m ($377m), was financed from B.P. Marsh’s existing cash reserves.
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The additional shareholding was split equally from Pantheon’s founders, Robert Dowman and Michael Lee.
Pantheon is an independent broker in the Lloyd’s and London insurance market.
It is projected to achieve an adjusted EBITDA of around £18m for the financial year ending 31 December 2025.
The broker has expanded its offerings to include global property, innovation & technology, and delegated authorities, in addition to its initial focus on casualty and professional lines.
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By GlobalDataB.P. Marsh has also arranged a £5m revolving loan facility for Pantheon, with £3.5m drawn upon the deal’s completion.
This funding is intended to support Pantheon’s continued growth through organic expansion, strategic hiring, and potential mergers and acquisitions.
In B.P. Marsh’s latest full-year results to 31 January 2025, the valuation of its stake in Pantheon had increased by 150% from the previous financial year.
Pantheon Founder and CEO Robert Dowman stated: “B.P. Marsh has been a true partner to Pantheon since day one, sharing our vision for building a best-in-class specialist broker. Their ongoing support, both in equity and growth capital, enables us to remain agile and opportunistic as we continue expanding our capabilities and strengthening our market position.”
B.P. Marsh chief investment officer and Pantheon board nominee director Dan Topping stated: ” Since our initial investment, Pantheon has exceeded expectations in terms of both financial performance and strategic execution.”
“We remain highly confident in Pantheon’s continued trajectory and are excited to support the next phase of its growth.”
B.P. Marsh’s initial 25% investment in Pantheon was made when the company was established in partnership with Robert Dowman in June 2023.
In June 2025, B.P. Marsh acquired a 27% stake in Cameron Specialty, a London-based specialty managing general agent.
