B.P. Marsh & Partners PLC
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B.P. Marsh & Partners PLC
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Good morning, ladies and gentlemen, and welcome to the B.P. Marsh & Partners Plc Half Year Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll. And if you could give that your kind attention, I'm sure the company would be most grateful.
I'd now like to hand you over to Chief Investment Officer, Dan Topping. Good morning, sir.
Good morning. Thanks for the intro. Morning all. Many thanks for joining Jon Newman and me for this B.P. Marsh & Partners investor presentation. I'll be talking as to the background of the company, the investment approach and ethos and then segue into our current portfolio, followed by realization highlights and then pipe look and outlook -- pipeline outlook. I'll then hand over to Jon Newman, our CFO, who will talk us through financial performance metrics that the management and the portfolio delivered, which should hopefully lead you to a positive conclusion about the company in general but its shares in particular. Given the time constraints, I won't be addressing each side individually and jump between them somewhat in order to provide as helpful an overview as possible, drawing out what we feel are salient points.
Moving to the presentation. Slide 2 provides a high-level summary of what we do, and we go into that greater detail beginning from here. In terms of background of the company, the genesis of the business was always our autonomous Executive Chairman, Brian Marsh, who's one of the first in the financial services industries to obtain private equity backing for his insurance broking business for Charterhouse Development Capital. This partnership is successful in his firm, ultimately sold to what is now Citigroup. The capital Brian raised personally from the sale provided the seed capital for B.P. Marsh. Since inception, we followed a similar path to backing people or businesses who we think a bit entrepreneurial spirit to grow their business with our support.
The growth of B.P. Marsh has been built on these investments with the proceeds of successful realizations plowed back into business reinvestment. This continued until the IPO of the business in 2006 at a price of GBP 1.44 per share. The team, as is now, has been together, by and large, as a unit since 2011 with 1 or 2 additions and 1 or 2 departures. We believe we have a strong team, and there's a great deal of faith in the business, what it does and then delivering a meaningful share price alongside dividend growth to our shareholders.
As you'll note from Slide 9, we paid an aggregate dividend of nearly [ GBP 33 ] per share or GBP 10.6 million, and since float, we've returned an equivalent of [ GBP 23.5, 5% ] of the float price per share. We have 3 key areas of focus with regards to our share price and the growth of the business, NAV growth, share price growth and the continuing dividend yield. I believe Slide 7, 8 and 9 speak volumes as to what we've achieved since the start of B.P. Marsh generally, but specifically over the last 10 years, the stability, experience and skill set of the team has allowed the company to get to where it is today and also, I believe, puts in a great position looking for the future.
Moving from the team to investment approach. Whilst we have a general focus on the financial services sector, we've, unashamedly, focused on the insurance intermediary space, where we feel we have a real niche that is only further [indiscernible] approach. At this point, I think it makes sense to reverse slightly and look at Slides 4, 5 and 6. Regarding our investment approach process and the gap we fill. We feel Our long-term minority investment approach makes us unique in what we do, in particular, as regards to the size of investment we look at.
As you'll see when we look at the portfolio in greater detail, our flexibility has allowed us to make investments that no one other than an angel investor could make. And whilst we see a role for angel investors, we see ourselves as distinct from this with a rigorous but informed investment approach as we seek to partner with our investments as they move up the ladder in the SME scale. Our flexibility, specialist long-term approach has allowed us to invest in people in companies that the wider investment market cannot do, and we certainly see ourselves as the first port of call for these businesses looking for capital. But that's dealt with somewhat better than I can explain on Slide 6, which we titled, Bridging the Gap, which hopefully gives an indication of where B.P. Marsh sets domain to rest the wider investment community.
In terms of the current portfolio, turning to Slides 12, 13 and 14, you'll see that it's presently broken into 3 areas: underwriting agency investments, insurance broking investments and a financial advisory investments. I'll try and draw out examples from within the portfolio that demonstrates both our approach and how effective that has been. In discussing the portfolio, I'll try and touch upon 2 areas. The sum of the parts, which an insurance investments is alluded to in Slides 12 and 13. And as you will note from Slide 15, our insurance investment handles circa GBP 1.49 billion in insurance premium across a variety of product areas jurisdictions, with Slide 11 detailing the locations of each investment. Whilst we're very specific in terms of targeted investments, we do feel that the portfolio spread provides inherent security as evidenced by its long-term performance.
Moving from the overall portfolio, looking at specific investments, and in particular, looking at our largest investment, Kentro, on Slide 16, I think this provides a pretty good example of how we can approach investments. Certainly, it shows our unique ability to structure bespoke positions in financial services businesses. As you'll note, we provided GBP 1.5 million or 5% preferred equity in 2014 when the business had an equity value of circa GBP 30 million. Since then, it's grown significantly alongside our holding such that we now own 19% shareholding and an acquired value of GBP 51 million. We were able [ to enter into it ], a shareholding a few others could achieve.
Normal mid-market private equity would not have been able to buy a 5% shareholding at GBP 1.5 million. And by building a partnership with the management team and other shareholders, we've clearly increased our exposure whilst the business has grown. And I think that the slide pretty much evidence how it's growing in terms of organic, but also a targeted approach to M&A, which we've supported with our investment, which has gone -- we've provided an aggregate of circa GBP 15 million.
Moving from Kentro, the largest current investments. I thought it made sense to actually look at Stewart Specialty Risk on Slide 20. As you know, the initial equity investment was GBP 19, although it was alongside a low facility of circa GBP 275,000. So it's not quite as stark as a GBP 19 investment, but they have repaid that low. We backed the CEO, Stephen Stewart as a one-man startup. And you can see what this business achieved since we invested in 2017, such that we now value our stake at GBP 11.5 million, which is a significant internal rate of return and the business has grown significantly anchored around the entrepreneurial skill set of Stephen Stewart.
I think it's also useful to talk about our network, which we believe is also key to our success. We like to view ourselves as the preeminent capital provider in the specialist insurance intermediary space centered around Lloyd's in the London market. In trying to support this assertion, I appointed the two previously mentioned investee companies that both came to B.P. Marsh for our own network from long-standing personal contacts in the case of Kentro or our ties with other non-B.P. Marsh investee companies but still key players in the market with Stewart Specialty Risk coming from a referral at Aon Benfield, who is now Aon. Aon Benfield, in previous times, would have been the seed investor alongside the broker for SSRU. This isn't something that they can do.
And therefore, they saw B.P. Marsh without having the requirement for any commercial arrangement, either placing of SSRUs facilities into London as a competitor, and they are quite happy to refer SSRU to us, which isn't often the case. We've provided one or two other case studies in the presentation and are happy to deal with any other questions that may from part of that or on SSRU or Kentro.
I also thought it might make sense to touch upon Slide 21, which is EC3 Brokers, a large investment for B.P. Marsh, which unfortunately, we've written down to 0. The business was materially impacted by COVID in terms of how, at a significant book of events' cancellation business that was closed down and ultimately, was poached by rival broker. The business continues to trade. We've supported it through these challenges. But ultimately, it has suffered from the slings and hours of outrageous misfortune. And they're now in a [ position ], whereby they're going to have to significantly pivot their strategy to return to sustainable level of profitability.
That can be achieved, and we've done it in other investments, but our valuation approach is based on a real-time methodology, and we took the sensible, we feel, approach to write it down 0 so that we don't have any shocks going forward. And obviously, anything that the management team were able to do with our support can only be upside, but there's no further downside.
In terms of realizations, that's dealt with on Slide 22. I think the one that I would draw out is dealt with on Slide 23, which is MB Prestige Holdings. Clearly, the numbers speak for themselves in terms of a 29% internal rate of return and a 9x multiple on equity invested and tremendous investment. Clearly, that being said, I think, separate to the quantitative side of this investment is the qualitative in terms of what we brought to the table by our approach and our partner in position. We were introduced to MB by a long-standing business contact in Australia, who was the Non-Executive Chairman of MB.
MB prior to our involvement were majority owned by an Australian private equity company, Ironbridge and form part of a larger cluster group of underwriting agencies. They have been sold off piecemeal by Ironbridge and MB was a alone as it fell below the minimum value, Ironbridge could invest in, and therefore, they needed to dispose of their stake. At the same time, management didn't favor being owned by another business, and we're, therefore, looking to have an investor in the business that wouldn't take control and would allow them to go forward and what they wanted to do, but this was countered by Ironbridge position and a stalemate started to fall.
As such, we were able to step in, structure buyout for Ironbridge, whereby we provided all the capital for the buyout that took a minority position of preferred shares and management taking control of the business. We're able to recognize the value of the management team and also had an appreciation of the Australian motor insurance market intricacies that made us appealing as an investor to the management team. Ultimately, this culminated in a successful partnership, which ended by way of our introduction to another B.P. Marsh portfolio company, ATC, a Melbourne-based agency, significantly larger and more expansive growth trajectory than MB.
ATC, since our investment in 2018, has doubled in size and they've got a plan to take them to even larger growth to sort of further double and triple in size. Looking at MB, the shareholder base have probably reached its natural end points with retiring shareholders seeking cash value and B.P. Marsh and the incumbent MD, Daniel McNamara, looking to move forward. We thought it was a good marriage to move MB into ATC. And it was a mutually agreeable part cash, part share transaction that I think both sides and all involved, we're comfortable with, which ultimately that B.P. Marsh end up with a 25% shareholding, one of the largest independent underwriting agencies in Australasia with a committed and focused management team looking to drive significant equity value.
Slides 24 and 25 deal with the -- obviously most recent successful disposals, which again, should anyone have any questions here, we'll be more than happy to try and address.
In addition to realizations, I will make the comment that the existing portfolio continues to generate significant interest from outside acquirers that we constantly discuss with the management given they control their own destiny in these -- in the respective portfolio companies. But ultimately, our position is, all our portfolio companies are for sale, subject to price. And when realizations come along, as hopefully we've demonstrated, we try and strike a balance between retaining sufficient funds within the business to support the existing portfolio and for new investments and to provide for an ongoing dividend stream to augment that provided for by operating profits, which I think we touched on Slide 9.
In terms of pipeline and new business, we've given a high-level overview on Slide 26. As you see, we put a 30% increase for the period -- for a half year period over the same period in 2021. Personally, in the sort of 16 years I've been at B.P. Marsh and 10 or so being a director, I think we've got the best pipeline of new business opportunities I've seen. And it's encouraging that we continue to see them. And also, we do consider that we're the preferred party for these small or start-up enterprises and it's encouraging that we're seeing that. And I think with a fair wind and subject to our own decision-making, I think it's more than likely that we could see 2 or 3 new investments over the coming months.
To an extent, we're in -- we've put ourselves in the right position, but we've also benefited by larger market factors. And there's a prolonged period of consolidation in the insurance broking sector with basically the mid-market being swallowed up and consolidated by one or two of the larger players, given it's a people business, by and large, you can't please everybody, and these consolidations have led to departures and exits of people within the sector who've now come to us given we've got the capital and the expertise and we've got the demonstrable track record of backing start-up successfully and delivering meaningful equity returns to the management team, which makes us very appealing.
In terms of the wider insurance sector and what it's looking at the moment in terms of pricing on Slide 27, we've given a somewhat high-level overview of where insurance pricing has been over recent times. As you'll see, pricing continues to increase, but a slightly lower level of increase. And I think the expectation was that it would start to tail off and insurance pricing would perhaps start to mend down. I think that comment would have been true prior to Hurricane Ian in Florida, but that's looking like estimated a total loss of between GBP 50 billion and GBP 75 billion, which will impact on insurance pricing.
As, for example, the modeling firm Karen Clark & Company have SaaS side also a total loss insurance sector of GBP 63 billion within that GBP 13 billion of insurance litigation claims against insurers settlement of claims. I think that's a function of it being in Florida and the intricacies of the legal system in Dade County, that alongside the property and the other losses, these litigation claims will fund claims within the financial and professional areas of insurance, such that where before Ian and what's going on in Ukraine and other areas, pricing will perhaps continue to tail off. I think it's not unlikely that pricing will continue to increase for another 12, 24, potentially 36 months.
Before handing over to Jon, I'll finish by emphasizing that we -- here at B.P. Marsh, we're passionate about what we do, which a continuation of the business model, which is what we've already achieved, namely a long-term specialist approach with demonstrable returns alongside a robust growing portfolio and an attractive new business pipeline. The key focus of the team here is to deliver shareholder value and the same as we would expect from our portfolio companies.
And at that point, I can now close out my section and hand over to Jon Newman.
Thank you, Dan. Well, I'm pleased to present the key financial highlights for the 6 months through 31st of July. So as you'll see, overall, our net asset value increased by GBP 13.2 million or 7.9% for the 6 months to GBP 179.8 million. So that's equivalent to 499p per share undiluted and 490.8p diluted, and that equates to a total shareholder return of 8.5% for the 6-month period, including GBP 1 million of dividend paid in July. Quick point on the dilution. There are about 1.4 million shares within an employee benefit trust for the benefit of the employee participants. They benefit in any increase in the share price over 313p per share. So we're obviously all aligned in getting that share price increased.
And for as long as those shares remain within the EBT, they are nonvoting and they don't participate in the dividend. So therefore, they're not included within the overall NAV per share, but where they to be sold from out there, then the overall NAV per share would dilute down to 490.8p.
So overall, the group delivered consolidated profit before tax of GBP 17 million for the period. That's up GBP 10.8 million over the first half results in 2021. The majority of that profit relates to the increase in valuation of the investments with the equity portfolio itself rising by 11.4% that's adjusting for additions and realizations. And the equity portfolio now stands at GBP 160.4 million. Over the last 12 months to July, the overall equity portfolio rose by just over 23%. And we did benefit from the pound weakening over the period with GBP 5.8 million of our GBP 13.2 million growth due to foreign exchange gains. By value, 43% of our equity investment portfolio is overseas versus 57% in the U.K. However, on a look-through basis, we estimate about 62% of all of the business is conducted by our investment portfolio overseas.
For those who follow us closely, one of our core strategies is to seek to ensure that the yield from our portfolio covers our operating expenses so that our investment cash doesn't get depleted by working capital. On an underlying basis, the profit was GBP 0.7 million for the period, which is slightly lower than the GBP 0.9 million generated in H1 2021. However, that's just a direct relationship between the fact that we sold our investment to Walsingham and Summa, and they've got lower income as a consequence of that.
The higher profits generated by the end of last year was due to the fact that we have the successful sales in MB and Walsingham that generated the additional profits, as you can see. As I mentioned, we paid a final dividend of 2.78p per share or GBP 1 million in July, which was an increase of 14% over the previous year. We have set out an intention to distribute at least that same level of dividend over the next 2 years, and we will review that ending further successful realizations.
On to the next slide. Since flotation, the group has achieved a compound growth of 8.6% per annum and 11.7% since inception. That's after all costs, tax and/or distributions and excluding any of the capital we've raised on AIM. We've invested GBP 2.9 million equity in this period compared with just GBP 0.2 million in the first half of 2021. The majority of that was GBP 2.8 million into follow-on funding into XPT in America and GBP 0.1 million into new start-up investment, Denison and Partners in the U.K. We also completed on Summa delivering net equity proceeds of GBP 8.1 million. The loan book stood at GBP 9.2 million at 31st of July compared to GBP 10.4 million at January '22 and GBP 16.7 million at July 2021.
So GBP 1.5 million of loans were repaid during the period, but that was due to the successful completion of the sale of Summa. And we also have granted some small working capital loans to a couple of our smaller investment portfolios to give a net GBP 1.3 million repaid. Adjusting for slight FX movement, we've got [ around GBP 0.2 million ] at 31st of July. Just on the loan book to give a bit more color to those who may be new to us, given that we don't set exit clauses in our medium- to long-term investor, we often structure our deals as a mixture of debt and equity, although not just debt. So this enables the yield to be received on the investment to cover operating costs and debt repayments helped to replenish our capital funds rather than having potentially our capital funds tied up until an eventual exit. I think they're all set out on the loan book slide in the appendices on 34.
But just to confirm that the -- everyone is listed, they're all up to date with both capital and interest repayments, and we value all of our loan book at par. Average interest rate for the charge for the period on the loan book is about 7.3%. That's up from about 6.9% in the year to 31st of January based on current interest rates, is about 7.7% At the period end, we had GBP 14.1 million in cash, which was considerably up from GBP 8.6 million at the year-end. That's due to the receipt of funds from the sale of Summa, less the XPT and Denison investments and the GBP 1 million dividend we paid in July. Post period end, we've lent GBP 0.7 million to Ag Guard in Australia, GBP 0.2 million to Lilley Plummer and GBP 0.2 million to Denison.
And our cash now stands adjusting for working capital movement of GBP 12.7 million. We've obviously considerably enhanced our cash position over the last 12 months, where we were effectively had GBP 1 million in the bank that had GBP 1 million [ Boards ]. We were a net new position. We're now at GBP 12.7 million and debt free. And based upon the current share price of 304p per share, we're clearly at the current discount to diluted NAV of 38%.
The next slide, really sort of a summary, why invest in B.P. Marsh. So as Dan covered, we're a leading specialist insurer in -- insurance intermediary investor and into the wider financial services with an excellent track record and a team with a wealth of experience. Although we do specialize within the financial service business within insurance intermediaries, our portfolio is diversified. That's both in terms of product lines and geographically, which mitigates risk somewhat. And as Dan has mentioned, the insurance intermediary space specifically continues to offer excellent returns for savvy investors.
Clearly, our overall compound results of 8.6% since rotation, 11.7% since inception demonstrates how we can grow the NAV and add value and return as demonstrated by getting the NAV to just under GBP 180 million despite macroeconomic challenges that we face in the world. Our liquidity is clearly very strong now having increased it from sort of a net [ nil ] position a year ago. We've demonstrated that we can successfully realize investments as set out on Slide 22 earlier. And I think the clear point from that is to demonstrate that we can realize them at or above our last valuation. And hopefully, that gives confidence to market now investors that our valuations are on the conservative side. We've obviously had strong exit performance and loan repayments over the last year, and we've got cash available to invest both in new and existing opportunities. We obviously consider the current discount to NAV of 38% to be unwarranted.
So that concludes our formal presentation. I think we now move over to Q&A session.
Jon, absolutely. And Dan as well, thank you very much indeed for your presentation this morning. [Operator Instructions] I would just want the team take a few moments to review those questions that were submitted already. I would like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your investor dashboard. Jon, Dan, as you can see, we have received a number of questions for our today's presentation. So thank you to all of those on the call for taking the time to submit their questions.
Tim, perhaps I could just hand back to you to run through the Q&A tab with the team, address any questions where it's appropriate to do so, and then I'll pick up from you at the end.
Thanks, Jake. So we've had -- we had a number of questions regarding share buybacks and the discount to NAV and what B.P. Marsh's approach at the moment to share buybacks. I know we've spoken about this before, but is there any update on that?
I'll kick off and then Jon can add his improvements [indiscernible]. I think certainly, the discount is not where we feel it should be. I think where the market is more widely. I think that sort of 35% to 40% discount on these kind of investment vehicles that are listed seems to be about par. But again, as I said, it's not where we want it to be. I think from a standpoint of the Board, we will always keep the discount under review and mechanisms to improve or reduce the discount. We clearly just released our interims. We've had, I think, a positive response to them for an exceptional set of numbers that we produced for the last 6 months. I think now we're out of that reporting cycle. I think the Board will refocus its efforts in terms of looking at the discount.
I think one thing that previously considered is clearly were somewhat encumbered by our Chairman, Brian Marsh, is holding in terms of availability or ability to conduct share buyback. One way of circumventing that is by conducting a whitewash procedure, which obviously isn't without cost. I think given the liquidity of the business where it is now, germane to the cost of whitewash exercise that's something the Board will probably actively look at without giving any forward-looking guidance, if that were to occur.
Previously, when we've conducted low level set the floor, share buybacks, the share price has responded quite positively today, looking at the -- at least a correlation between when we were conducting share buybacks at a low level and the performance of the share price. And if, for example, that was reintroduced, I would personally hope that, that would then move the share price or reduce the discount to something approaching that sort of 15% to 25% discount to NAV, which I feel is a bit more appropriate for B.P. Marsh given its track record and current portfolio.
Thanks, Dan. I have a question about what benefits does the acquisition of Denison bring to the group. And are the key personnel at Denison locked in?
Sure. Yes, the key personnel are locked in. We're a minority investor. The management owns the majority of that business. Well, I say why it's attractive to us. It's a specialist start-up, Lloyd's broker in an area that we understand in an individual that previously had success at Lloyd's broker called BMS previously around the fresh nonfinancial risk division there, had its own P&L. We successfully sold that to preservation capital alongside our BMS shareholders.
And after that experience of being part of the management team being bought by private equity, saw an opportunity to establish a business independently and run by AIM, which is what we should be investing in. And it also, parallel with that, shows other people in the market that actually, if you got your own book of business, B.P. Marsh With GBP 1 million or so of investment and this track record, experience and skill set to assist in establishing an insurance broker shows that it's replicable to other people who might be going through the same position, of which there are quite a few in the market that if you come to B.P. Marsh, we can provide the capital and the experience to allow you to go and set up your own business in circumstance or at a time when market counterparties in the U.S. or internationally want more choice of who they deal with a Lloyd's as their London market broker as opposed to less. And therefore, the establishment of these new star brokers growing to medium-size brokers is what market counterparties want. So hopefully, that adequately addresses that question.
Yes. Thanks, Dan. Another question. Is the current economic political situation likely to affect the business?
Well, I think we can't ignore it. Clearly, just by looking at our performance -- the performance of the B.P. Marsh share price remain to most of the other indices where more of a defensive stock in times of turmoil, our reduction in share price prior to our results was pretty much less than every other exchange other than [ 3,100 ]. Insurance, I think we learned through COVID, insurance is one of the most nondiscretionary spends of business can have.
We don't look at -- we're not a big -- actually no real exposure to personal lines insurance. So from a commercial buyer of insurance, it's a nondiscretionary spend. And with pricing going up it is proved beneficial to our portfolio. I think in terms of the major issues the world is faced with at the moment, clearly, Russia and the Ukraine, our exposure to that is not zero, but very minimal. Some of Nexus on its marine side ensured some yachts that due to global sanctions, it wasn't able to quote on, but there are 2 or 3 policies that were very large compared to Nexus' $600 million of premium income.
So in terms of -- we can't avoid the wider impact of the macroeconomic climate on B.P. Marsh, but we believe we're relatively well set in terms of our loans are priced bank base rate plus. So if base rates go up, our interest income will go up and the leverage within the portfolio is at a pretty low level, either it's provided by B.P. Marsh or in the case of XPT and Kentro, it's a modest debt-to-EBITDA level of about 2.5x to 3x EBITDA to debt multiple whereas some of the market counterparties that are significantly leveraged up the sort of 6 to 10x could theoretically be significantly impacted if base rate went up significantly in terms of their ability to service the debt. And given our liquidity, we can always assist our portfolio companies in times of increased interest rates.
Thanks, Dan. Question I think for you, Jon. I'm not sure if you have those numbers to hand, but we can always write them down afterwards. Roughly, what are the exchange rates used to value the investments based abroad?
The significant investments overseas as at 31st of July, we're in America, where the dollar rate was GBP 1.217 at 31st of July. The Aussie dollar was about GBP 1.74, GBP 1.75, and the Canadian dollar was about GBP 1.56. So in terms of that, I mean, I don't know the Aussie dollar. Pounds has strengthened a little bit against that. So I suppose it's mainly against the U.S. dollar that we've seen a lot of movement. But the current exchange rate on that, it's what is about just less than GBP 1.12 at the moment.
But obviously, it's been so extremely volatile on that. So yes, we've got an extra gain at the moment overall. But as to where we'll be at 31st of January, I mean, it rather depends on how well the U.K. economy copes and whether or not we have a strong government and the markets react to that. So yes, at this point in time, there is some additional gains in there. Hopefully, that answers that question.
Thanks, Jon. And I think that's it for questions.
Tim, that's great. And Dan and Jon as well, thank you very much indeed for addressing all of those questions where it's appropriate to do so this morning. And of course, if any further questions, do come free, we'll make these available to you immediately after the presentation has ended for you to review and then add any additional responses where it's appropriate to do so.
Dan, perhaps before redirecting those on the call to provide you their feedback which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments to wrap up with, that would be great.
Sure. Well, firstly, thanks, everybody, for taking the time to come and listen to me and Jon talk about something that we're very passionate about in terms of B.P. Marsh is an equity position. We think we're very well set in terms of where the portfolio is for organic growth within that exceptional new business pipeline and the liquidity within the balance sheet to take advantage of that such that we see a huge opportunity for B.P. Marsh to continue on its growth trajectory and ongoing a continuation of good performance over prior to expand and continue into the future.
Dan, that's great. And Jon, as well, thank you once again for taking the time to update investors today. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure will be greatly valued by the company.
On behalf of the management team of B.P. Marsh & Partners Plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good morning to you all.
Thank you, everyone.
Thanks.