Maven to invest £3 million in Altra Consultants
Maven has made a £3 million commitment to Altra Consultants to fund the growth of its Lloyds of London registered insurance broking subsidiary, Parker Norfolk & Partners Limited, which Altra completed the acquisition of in August 2017. The transaction was supported by a syndicate of Maven Investor Partners.
Altra has now 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 was established in 2011 by Alan Wallace and Tracey Anderson with the aim of developing a multi-line insurance Lloyds of London broking business. Both are extremely well regarded, seasoned veterans within the insurance sector and have a track record of having previously started and grown a successful insurance broking business, International Risk Consultants (IRC), before exiting to a larger industry consolidator. IRC ultimately became the largest specialty trade credit broking firm in the UK, and the second largest of its kind in Europe.
Initially Altra will offer structured trade credit insurance broking services, an area where the senior management team have significant experience, with a medium term plan to further diversify and grow into a multi-line business through the recruitment of key individuals from across a variety of insurance disciplines.
“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.”
Julie Glenny, Investment Director at Maven
“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.”
Alan Wallace, CEO at Altra