Plum plans expansion following Global Risk Partners-backed MBO
London, 17th December 2014: Plum Underwriting, the specialist household insurance MGA, has completed a management buyout backed by Global Risk Partners, the London Market focused consolidator, to support its expansion plans.
Plum’s executive team consisting of David Whitaker, Managing Director, Tobias Daley, Underwriting & Claims Director and Mahben Quddus, Head of Operations & Marketing, will continue to lead the business. Andrew Cross will be nonexecutive Chairman.
David Whitaker, Managing Director of Plum said: “Our MBO will benefit both our brokers and their clients. While it is still very much business as usual, with the support of Global Risk Partners we now intend to accelerate our expansion programme by investing in the creation of new specialist products and building on our existing broker base in the UK and Ireland.”
David Margrett, Chief Executive Officer of Global Risk Partners said: “Backing the Plum MBO was a straightforward decision and an exciting proposition. As a niche and non-commoditised player that provides specialist products while generating strong profits the business ticks all of our key investment criteria.
“Our role is now to support Plum’s excellent management team and help them to achieve their full potential.”
During the last three years Plum has upgraded its products and widened its geographical footprint to include writing risks in the Republic of Ireland. Plum’s three specialist home insurance products are Flex, which caters for a wide range of non-standard home insurance exposures, HomeWorks, an integrated household insurance and contracts works cover for the owners of high net worth homes which are undergoing major renovation, and Amethyst, a worldwide all risks policy for affluent homeowners.
© Copyright 2014 Plum Underwriting Ltd. All rights reserved.
Plum Underwriting Ltd is authorised and regulated by the Financial Conduct Authority No 309166. Registered at 36-38 Botolph Lane, London, EC3R 8DE. Company number 04509589.
For further information please contact:
Ian Barrett at Concise PR
T: +44 (0)20 7100 3960
M: +44 (0)7949 422257
Notes to editors
Plum Underwriting is a London-based underwriting agency providing specialist solutions for the UK and Republic of Ireland home insurance market through brokers.
Formed in 2002, Plum provides three specialist home insurance products; Flex, which caters for a wide range of nonstandard home insurance exposures, HomeWorks, an integrated household insurance and contracts works cover for the owners of high net worth homes which are undergoing major renovation, and Amethyst, a worldwide all risks policy for affluent homeowners.
In addition to partnering brokers on an ‘open market’ basis, where it quotes, underwrites and issues documentation, Plum also issues delegated authority to insurance providers allowing them to white label their products and control the client experience.
Global Risk Partners is a London Market consolidator aimed at brokers and managing general agents (MGAs) trading in the global, specialty insurance and reinsurance markets.
It is led by David Margrett, previously President of Willis Global and Chairman and CEO of Willis Limited, with financial backing from Penta Capital.
Global Risk Partners acquires businesses and teams that have niche, non-commoditised, specialty propositions and strong profitability. www.grpgroup.co.uk