Armour Group Holdings, the Bermuda-based insurance group, has provided a strategic investment to Cobalt Insurance Holdings.
The investment coincides with additions to the board of Cobalt, including former Lloyd’s chairman Max Taylor as chairman and Sean Dalton of Armour as a non-executive director.
In addition, John Turner, chairman of Aon Risk Solutions, and Andrew Baddeley join the board in non-executive capacities.
Cobalt Insurance CEO Richard Bishop, who welcomed the investment and board appointments, commented: “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.”
Dalton added: “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.”
