BP Marsh extends reach in South Africa

Niche venture capital provider BP Marsh has acquired a 20 percent stake in South African Property And Liability Underwriting Managers (PLUM) for £300,000.

PLUM, a managing general agent (MGA), specialises in large corporate property insurance risks in South Africa.

Dan Topping, who has been appointed to the board of PLUM as the company’s nominee director, said: “We are pleased to conclude this acquisition of shares in PLUM, further developing our position in the fast growing insurance market of South Africa, in what we anticipate should prove to be a high quality, well managed investment delivering meaningful shareholder returns to the group whilst providing further international diversification to our investment portfolio.”