Backing from Glasgow firm
Maven invests £3m in Lloyd’s insurer Altra
The investment by Glasgow-based Maven follows Altra’s acquisition of PNP’s Financial Conduct Authority approvals.
Altra’s CEO Alan Wallace and managing director Tracey Anderson bring more than 35 years’ experience in the UK and international insurance broking sector to the firm.
Julie Glenny (pictured), 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.”