Plum eTrade to exceed £12m premium in first year
14 December 2016: Plum Underwriting, the specialist home insurance managing general agent, will see its eTrade business exceed £12m premium in its first full year of trading, as the roll out of its full cycle EDI products on software house platforms continues. CDL is the latest software house to offer Plum eTrade products. Brokers using CDL with Plum agencies have access to eFlex and eLet with immediate effect. eFlex provides specialist and non-standard household buildings, contents and valuables cover and eLet is for UK residential landlords who own either individual properties or large portfolios and covers buildings and contents for a wide range of tenancy types.
Plum’s eTrade strategy which also includes providing products under delegated authority broker schemes, offers brokers competitively priced cover, guaranteed 'quotability' and low operational costs. These efficient e-traded offerings complement Plum’s own client web portal products where more flexible underwriting is required, giving brokers a wider choice of access to meet their customers’ needs.
Simon Lewer, Business Development Director, said: "Continuing the roll out of our eTrade products with CDL is an important step in the expansion of our broker footprint, offering an efficient service to brokers to meet the needs of their customers. We are committed to providing brokers with greater choice in the placement of non-standard risks through our successful eTrade strategy.”
Commenting on eTrade’s performance within Plum’s overall growth, David Whitaker, Managing Director, said: ““Plum has grown significantly over the last two years since we completed our MBO, backed by Global Risk Partners, and eTrade is an important part of this success. This greater access for brokers combined with our underwriting expertise, clear business appetite, new products and the acquisition and integration of high net worth MGA Synergy, has seen GWP grow from £15m to £40m over the period.”
For further information please contact :
Alex Wise, Full Circle Communications
M 07710 665 615
T 020 7265 7887
Notes to editors
Plum Underwriting Limited is a London-based underwriting agency providing specialist solutions for the UK and Republic of Ireland home insurance market through brokers.
In addition to partnering brokers on an ‘open market’ basis, where it quotes, underwrites and issues documentation, Plum also issues delegated authorities to insurance providers allowing them to white label their products and control the client experience.
Plum’s eTrade division is focused on expanding the company’s electronic placement strategy for brokers through the e-enablement of non-standard and specialist home products via software houses, brokers own systems and other third party platforms. Products are offered as full cycle EDI solutions via major software houses with brokers benefiting from high quote rates and low operational cost whilst still having the ability to access Plum’s underwriting support for more complex risks.
Plum Underwriting Limited is authorised and regulated by the Financial Conduct Authority.
Global Risk Partners Limited (GRP) is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets. It was established in 2013 by Peter Cullum, Chairman and David Margrett, Chief Executive and is backed by private equity firm Penta Capital LLP.
Global Risk Partners acquires businesses, teams and portfolios that have niche, non-commoditised, specialty propositions and strong profitability.