GRP-backed Plum buys Synergy from Randall & Quilter

Global Risk Partners-owned Plum Underwriting has bought high net worth specialist managing general agent Synergy Insurance Services.

Plum, the specialist household insurance MGA, bought Synergy from specialist non-life insurance investor Randall & Quilter. Terms were not disclosed.

GRP, a consolidator set up by Towergate founder Peter Cullum and former Willis UK chief executive David Margrett, backed Plum’s management buyout in December 2014.

The Synergy team will be housed at Plum’s newly-expanded London office. Emma Bennett, Synergy’s director of underwriting, will become Plum’s head of private clients, reporting to David Whitaker (pictured), Plum’s managing director. Plum will retain the Synergy brand for the HNW home, contents, travel, fine art and motor products.

“With Synergy and our recent investment in e-trading we expect to more than double our premium volume over the next twelve months,” Whitaker said

GRP chief executive Margrett 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.”