Cobalt Underwriting gets investment

Cobalt Insurance Holdings Ltd, a provider of Shari’ah compliant insurance and reinsurance has announced a strategic investment by Armour Group Holdings Limited, the Bermuda-based diversified insurance group.

The strategy of Armour focuses on niche operations in the re/insurance and asset management sectors.

The investment coincides with additions to the Board of Cobalt of former Lloyd’s chairman Max Taylor as chairman and Sean Dalton of Armour as a non-executive Director. 

Cobalt CEO Richard Bishop 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.”

Dalton said: “Cobalt’s position as the Shari’ah 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.”