Maven backs insurance broker with £3m investment

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 initially offer Structured Trade Credit insurance broking services, which is the shareholders’ main area of expertise, giving the firm an immediate foothold in this sub-sector, while recruiting market-leading individuals and teams from across a variety of insurance disciplines 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.

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 highly regarded management team boasts a strong market reputation having previously founded, built out and sold a successful insurance brokering business to a larger consolidator, demonstrating they can create significant shareholder value.

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.”