UK private equity house Maven has invested £3 million to fund the construction of its Lloyd’s of London registered broking subsidiary, Altra Consultants’ new multi-line broking business, Parker Norfolk & Partners (PNP).
Following its acquisition of PNP, Altra obtained approvals for it to use PNP’s Lloyd’s brass plate, enabling the firm to generate revenues via a mixture of direct sales to corporate entities and wholesale insurance from other insurance brokers.
“Maven’s investment in Altra is an opportunity to back a highly experienced leadership team with a strong track record of having previously built a specialist insurance broking business from start-up to successful exit,” said Julie Glenny, Investment Director at Maven.
“Current market conditions provide compelling support of Alan and Tracey’s strategy, with the prevalence of consolidation activity in the Lloyd’s market presenting opportunity to select a number of key senior executives and teams to join the Altra team and drive their growth aspirations,” Glenny said.
Altra plans to use its main area of expertise to initially offer Structured Trade Credit insurance broking services through PNP, giving the firm an immediate foothold in this sub-sector, while recruiting market-leading individuals and teams to grow the business into an international, multi-line insurance broking firm.
Current insurance brokerage market conditions are favourable for Altra, with Lloyd’s insurers increasingly working with smaller brokers, valuing the benefits of specialist, independent firms.
Alan Wallace, Chief Executive Officer (CEO) at Altra, said; “We are excited to have secured Maven’s confidence and investment, an important capital injection that will enable us to grow at speed.
“As our industry changes and innovates, we look forward to recruiting talented individuals to our firm and working with Maven to deliver our projected growth plans.”
Altra’s CEO, Alan Wallace and Managing Director, Tracey Anderson bring over 35 years’ experience in the UK and international insurance broking sector to the firm.
This management team boasts a strong market reputation having previously founded, built out and sold a successful insurance brokering business to a larger consolidator.
