Plum acquires Synergy HNW MGA business
Plum expands with acquisition of Synergy high net worth MGA business
London, 29 February 2016: Plum Underwriting, the specialist and non-standard household insurance managing general agent, which is part of Global Risk Partners Limited (GRP), has today announced the acquisition of the business of high net worth (HNW) specialist MGA Synergy Insurance Services (Synergy). Consideration for the transaction has not been disclosed.
Synergy, part of Randall & Quilter, the specialist non-life insurance investor, service provider and underwriting manager, provides a range of bespoke specialist personal HNW household and lifestyle products to UK brokers.
The Synergy team will join Plum and be based in the firm’s newly expanded London office.
Emma Bennett, Synergy’s director of underwriting, will become Plum’s head of private clients, reporting to David Whitaker, Plum’s managing director. Plum will retain the Synergy brand as a trading style for the HNW home, contents, travel, fine art and motor products.
David Whitaker said: “The acquisition of Synergy provides another piece in the jigsaw of our specialist offerings. Our products and responsive service are key aspects that resonate with brokers. We believe they will welcome this combined business that now enables them to access an expanded, market-leading portfolio backed by specialist underwriting and service capabilities.
“With Synergy and our recent investment in e-trading we expect to more than double our premium volume over the next twelve months.”
Commenting on the opportunities for Synergy, Emma Bennett said: “We are excited at becoming part of Plum’s ambitious growth programme. Their investment in technology and efficient operating structures will enable us to gain wider and improved market and broker access for our bespoke products. We share Plum’s commitment to providing direct access to underwriter expertise, and recognise the potential an expanded and complementary product range will deliver to brokers.”
David Margrett, chief executive of GRP, said: “This further investment in Plum demonstrates
GRP’s commitment to developing this rapidly growing business. We remain ambitious for both Plum and our other Group businesses and will continue to seek acquisition opportunities in our chosen segments.”
For further information please contact:
Alex Wise, Concise PR
M: 07710 665 615
T: 020 7100 3960
Francesca Breeze, Concise PR
M: 07710 963 838
T: 020 7100 3960
Notes to editors
Plum Underwriting Limited is a London-based underwriting agency providing specialist solutions for the UK and Republic of Ireland home insurance market through brokers.
In addition to partnering brokers on an ‘open market’ basis, where it quotes, underwrites and issues documentation, Plum also issues delegated authorities to insurance providers allowing them to white label their products and control the client experience.
Plum’s eTrade Division is focused on expanding the company’s electronic placement strategy for brokers through the e-enablement of non-standard and specialist home products via software houses, brokers own systems and other third party platforms. Products are offered as full cycle EDI solutions via major software houses with brokers benefiting from high quote rates and low operational cost whilst still having the ability to access Plum’s underwriting support for more complex risks.
Plum Underwriting Limited is authorised and regulated by the Financial Conduct Authority.
Global Risk Partners Limited (GRP) is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets.
It was established in 2013 by Peter Cullum, Chairman of GRP and David Margrett, Chief
Executive of GRP, who was previously President of Willis Global and Chairman and CEO of Willis Limited. GRP is backed by private equity firm Penta Capital LLP.
Global Risk Partners acquires businesses and teams that have niche, non-commoditised, specialty propositions and strong profitability.