LONDON (Alliance News) - BP Marsh & Partners PLC said Wednesday it has acquired a 20% interest in South Africa-based managing general agent Property and Liability Underwriting Managers (PTY) Ltd for an initial GBP300.000.
The total consideration could increase to GBP600,000 if Property and Liability Underwriting Managers achieves earnings before interest, tax, depreciation and amortisation of ZAR8.3 million over the first year of BP Marsh & Partner's investment.
"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," said Dan Topping, who has been appointed to PLUM's board as a nominee director.
Shares in BP Marsh & Partners were trading flat Wednesday afternoon at 147.50 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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B.p Marsh (BPM)