Plum plans expansion following Global Risk Partners-backed MBO
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 non-executive 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.