LONDON: Specialist private equity investor B.P. Marsh & Partners Plc has agreed to invest $5.1 million in Autonomy Investment Partners LLC, a newly formed investment vehicle targeting the U.S. insurance distribution market, the company announced Thursday.
The investment gives B.P. Marsh a 17.9% preferred capital interest in Autonomy, which was established in partnership with the senior management team of XPT Group LLC and Connecticut-based private equity firm BharCap Partners LLC. Autonomy plans to provide minority investment capital to independent U.S. insurance distribution businesses seeking growth, allowing founders and management teams to retain operational control while gaining access to capital, infrastructure, and sector expertise.
Immediate Transaction and XPT Alignment
In its inaugural transaction, Autonomy will acquire a minority stake in XPT, a U.S.-based wholesale insurance brokerage and underwriting agency platform. The move is designed to create immediate alignment between Autonomy’s management team and investors while generating income from inception.
As part of the transaction, B.P. Marsh will receive $12.1 million from XPT. This includes $6.1 million from the redemption of P1 preferred units and $6.0 million from the repayment of junior debt. Following completion and accounting for B.P. Marsh’s indirect interest in XPT through Autonomy, the company’s total economic interest in XPT will reduce slightly from 29.33% to 28.99%.
Bharcap’s $100M Commitment
Bharcap, a private equity firm founded in 2021 and focused exclusively on financial services, has committed $100 million to Autonomy as the largest investor. Bharcap, which closed its second fund in June 2025 at $652 million, manages over $2 billion in capital. The firm targets management buyouts and growth investments in asset-light middle-market financial services businesses.
Autonomy will be led by Michael Andersen, Joseph Flanagan, and Juliana Ruggieri.
Andersen brings extensive insurance leadership experience, having held senior positions at William Gallagher Associates, AssuredPartners, and Choice Financial Group. Flanagan, an experienced insurance entrepreneur who founded JP Flanagan Corporation and outsourced sales firm Acquirent, will focus on investment origination. Ruggieri, a former Bain Capital investor and Harvard graduate, will focus on transaction evaluation and financial management.
B.P. Marsh views Autonomy as a natural extension of its long-standing relationship with XPT, allowing the company to participate in a differentiated segment of the U.S. insurance distribution market through a vehicle led by a proven management team and backed by well-capitalized investors. The investment is expected to generate income from inception, with B.P. Marsh entitled to an 8% preferred annual return on its invested capital.
Dan Topping, Chief Investment Officer of B.P. Marsh, commented: “Autonomy is the natural next step in our long-standing partnership with Tom Ruggieri and the XPT team, extending the model that has driven XPT’s growth since 2017 into an untapped part of the US insurance distribution market.
Backed by a credible, well-capitalised investor in Bharcap, Autonomy also gives us the opportunity to participate, alongside partners we know well, in a platform addressing a genuine gap in the market for minority growth capital.”
Tom Ruggieri, CEO of XPT, commented: “B.P. Marsh has been a trusted partner since the very beginning of XPT, and it is entirely fitting that they are alongside us as we take this next step. Autonomy is built on exactly the same principles that have driven XPT’s growth; backing exceptional management teams, providing the capital and infrastructure to accelerate that growth, and doing so in a way that preserves the independence and entrepreneurial culture that makes these businesses unique.
The US insurance distribution market is large, fragmented and full of high-quality businesses whose owners are looking for a different kind of partner, one that allows leaders to run their business with autonomy while bringing genuine industry operating expertise and a long-term perspective rather than simply a financial return. That is precisely what Autonomy offers, and we are excited to be building it alongside B.P. Marsh and Bharcap.”
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