Group is ready to prove it means business
The formation of Cobra Holdings in November 2005 brought together an array of Insurance services under one giant umbrella.
Almost two years on the group is slowly but surely climbing the ladder and intends to deliver what it promised on its formation – that Cobra will be a major force in the UK insurance market.
The recent acquisition of UKI was the group’s way of proving to the rest of the market that it is now intending to stamp its authority firmly in to the ground and is ready compete with the UK’s elite.
The formation saw the creation of two new companies, Cobra Insurance Management and Cobra Underwriting Services, which is continuing to grow following involvement from major insurers.
They joined BKG Insurance Brokers, BKG Corporate Risks, BKG Financial Services, Truman Lincoln, GAL and the Commercial Broking Alliance (which now forms the Cobra Network) to form the group as it now stands.
The company suffered a set-back when it planned to raise £10m from its £1-a-share AIM listing at the end of June as a way of continuing growth and aid acquisitions.
It only managed to raise a tenth of the amount it was expecting from its listing on the stock market, pulling in less than £1m, which was slashed to £200,000 after the costs of the stock market venture were paid.
It then borrowed £7m from its corporate partners and a leading insurer to fund acquisitions.
According to chief executive Steve Burrows, cash is available for future acquisitions despite operation profits increasing by just 3% during the first six months of the year.
He claims that a 53% increase in revenues is enough to prove that the group is heading in the right direction.
"We still have the facilities available and we are still in a strong position", he said.
