Maven injects £3m to help insurance firm accelerate growth

Private equity group Maven Capital Partners has backed two Scottish insurance entrepreneurs with a £3 million investment.

The funding provided to Edinburgh-based Altra Consultants will be used to accelerate growth of its Lloyds of London-registered insurance brokering subsidiary Parker Norfolk & Partners.

Altra, headed by chief executive Alan Wallace and managing director Tracey Anderson who have previously founded and later sold a successful brokerage business, acquired Parker Norfolk in the summer.

Altra will initially offer trade credit insurance broking services and is also looking to recruit individuals and teams from other insurance sector to grow the business into an diversified, international broking firm.

Julie Glenny, investment director at Maven, which is headed by Bill Nixon, 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.”

Wallace said Maven’s “important capital injection” will enable the firm to grow rapidly.

“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,” he added. 0 Maven’s Glasgow-based managing partner Bill Nixon