Cobalt Insurance Holdings Ltd., the London-based provider of Shariah compliant insurance and reinsurance has announced a strategic investment by Armour Group Holdings Ltd., the Bermuda-based diversified insurance group. Financial considerations were not disclosed.
The strategy of Bermuda-based Armour focuses on niche operations in the re/insurance and asset management sectors. Armour was formed by Brad Huntingdon and John Williams in 2007. Armour’s operations include underwriting operations, re/insurance companies, asset management companies and specialist service companies. Armour joins the original Cobalt investors including Capita and the Bank of London and Middle East.
The investment coincides with additions to the board of Cobalt of former Lloyd’s Chairman Max Taylor as chairman, and Sean Dalton of Armour as a non-executive director. John Turner, chairman of Aon Risk Solutions (UK & Americas), and former Brit Insurance Group CFO Andrew Baddeley also join the board in non-executive capacities.
Cobalt CEO Richard Bishop welcomed the investment and board appointments. “The investment by Armour and the strengthening of the board will assist Cobalt achieve its objective of becoming a wider financial group serving a growing market in conjunction with leading London market capacity,” Bishop said.
“Cobalt’s position as the Shariah re/insurance distributor for Lloyd’s and London market fits well with our niche strategies at Armour. We have observed with interest the impressive development of Cobalt’s leadership position in this fast growing sector,” according to Sean Dalton at Armour.
“We have developed not only a model to serve brokers and their clients seeking Shariah compliant insurance and reinsurance solutions but also a range of products that interface with insurers within the London insurance market,” Bishop went on to say.
“This is a highly skilled and experienced sector of the global insurance market that is actively seeking diverse and added-value propositions, particularly within emerging markets. Our capacity providers have strong financial ratings and therefore deliver the confidence that our clients require,” he continued.
Cobalt also announced it is moving offices to the 4th Floor of 107 Leadenhall Street in London.
Source : Cobalt Insurance Holdings Ltd.