Bermuda-based insurer Armour Group Holdings has invested in Cobalt Insurance Holdings, a London-based provider of Shariah compliant insurance and reinsurance products.
Armour focuses on niche operations in the re/insurance and asset management sectors. The firm was formed by Brad Huntingdon and John Williams in 2007. Its operations include underwriting operations, re/insurance companies, asset management companies and specialist service companies.
The investment coincides with additions to the board of Cobalt. Former Lloyd’s chairman Max Taylor joins 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 chief financial officer Andrew Baddeley also join the Board in non-executive capacities.
Richard Bishop, chief executive officer of Cobalt, said: “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,” he said.
Sean Dalton, managing director, Armour, added: “Cobalt’s position as the Shariah re/insurance distributor for Lloyd’s and [the] 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.”
Bishop commented: “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.
“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."
Armour Group Holdings, Cobalt Insurance Holdings, John Turner, Richard Bishop, Sean Dalton, Bermuda, Europe