BP Marsh grows South African exposure

has acquired a 20 percent stake in South African managing general agency (MGA) Property and Liability Underwriting Managers (Plum) for £300,000.

The total consideration could increase to £600,000 subject to Plum achieving Ebitda of £430,000 over the first year of the group's investment.

This should be achievable if Plum hits its budget over the same period, which is for £7.9mn of gross written premium income and £790,000 of commission income.

Plum specialises in large corporate...