BP Marsh ups stake in Dowman's Pantheon to 39%

By Rebecca Delaney

June 30 - (The Insurer) - BP Marsh said on Monday it had acquired a further 2% shareholding in Pantheon, split equally from founders Robert Dowman and Michael Lee, at an equity value of 275 million pounds ($376 million).

Pantheon was launched in June 2023 by ex-Besso joint CEO Dowman, with London-listed venture capital investor BP Marsh subscribed to a 25% shareholding.

BP Marsh later acquired a further 7% from management in May 2024, as well as a further 5% shareholding in October 2024.

Following the latest investment, BP Marsh’s total shareholding in Pantheon now stands at 39%. The transaction was financed using the group’s existing cash reserves.

Pantheon, which initially focused on global casualty and professional lines business, has since expanded its product offerings to global property, innovation and technology, and delegated authority.

In its current financial year to December 31, 2025, Pantheon is on track to achieve an adjusted EBITDA of approximately 18 million pounds.

Alongside the further acquisition of shares, BP Marsh said it has agreed a 5 million pound revolving loan facility, with 3.5 million pounds being drawn down on completion.

BP Marsh said this funding provides Pantheon with the flexibility to sustain and accelerate its strong growth trajectory, driven by organic growth, strategic team hires and opportunistic M&A.

"We are delighted to increase our shareholding in Pantheon and continue supporting the business with flexible growth capital," said Dan Topping, chief investment officer of BP Marsh and nominee director on the Pantheon board.

"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."