IMAS acted as the sole financial adviser to Alto Insurance Group Limited (“Alto Group”) and its shareholders on its sale to PIB Group Limited.
Alto Group is the holding company for the COBRA group of companies, COBRA is a network-centric proposition to independent insurance intermediaries and provides a wide range of services for its Network members, agents and clients through its four main operating platforms: COBRA Network, COBRA Underwriting Agencies, COBRA London Markets and COBRA Insurance Brokers. The latest filed accounts for the Group recorded revenue of £14.4m, EBITDA of £1.6m and 119 employees.
PIB Group is a dynamic insurance intermediary group aiming to create a leading position in the provision of specialist insurance solutions across the UK market and beyond. Launched in 2015, PIB has grown rapidly through acquisitions and by employing outstanding individuals with a wealth of knowledge and experience in the insurance market. The PIB Group offers a range of specialist teams, products and services to clients throughout the UK, Channel Islands and Ireland, with premium placed or influenced by PIB growing from £550m to £900m following this transaction.
IMAS were retained by Alto Group to advise and assist on a sale process to maximise the value received for the different stakeholders in the group, while finding a potential owner to continue the development of the businesses and their employees. IMAS managed a process which explored the interest of a selection of acquirers from both the private equity sector and trade with the most compelling fit and commitment to conclude a transaction. PIB were chosen for their alignment of interest with COBRA and its well-regarded Network membership. The completion of the transaction is subject to regulatory approval.