Maven Capital Partners, the UK most private equity house, has announced a £3m investment in Altra Consultants Limited, to fund the growth of its insurance brokering subsidiary Parker Norfolk & Partners Ltd.
Following its acquisition of PNP, Altra obtained all requisite FCA approvals to enable it to use PNP’s Lloyds brass plate, thereby delivering significant advantage to Altra’s service offering, enabling the firm to generate revenues via a mixture of direct sales to corporate entities and wholesale insurance from other insurance brokers.
Altra will offer structured trade credit insurance broking services, which is the shareholders’ main area of expertise. The business hopes that this will give it an immediate foothold in this sub-sector, enabling it to recruit teams and individuals from a variety of insurance disciplines to grow the business into an international, multi-line insurance broking firm.
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.
Julie Glenny, investment director at Maven, said: “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.
“Current market conditions provide compelling support of Alan and Tracey’s strategy, with the prevalence of consolidation activity in the Lloyds market presenting opportunity to select a number of key senior executives and teams to join the Altra team and drive their growth aspirations.”
Alan Wallace, 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.”