Plum acquires high net worth specialist Synergy

Plum Underwriting, a managing general agent (MGA) which is part of Global Risk Partners, has acquired the business of high net worth (HNW) specialist MGA Synergy Insurance Services (Synergy).

Synergy, part of Randall & Quilter, is a specialist non-life insurance investor, service provider and underwriting manager.

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.

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.”

He added: “With Synergy and our recent investment in e-trading we expect to more than double our premium volume over the next 12 months.”

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, added: “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.”

Wyn Jenkins