The Commercial Broking Alliance (Cobra) has become the largest shareholder in Lloyd's broker GAL after its successful management buy-out.
On 1 September a consortium led by Brian Fuller and Andrew Graham completed the acquisition of Lloyd's broker Griffiths & Armour (London) from its former owner, Liverpool-based Griffiths & Armour (Holdings).
Cobra acquired the major shareholding in the broker, now called GAL Ltd.
“As part of the buy-out strategy we invited Cobra to take an interest," said GAL managing director Brian Fuller. "Our objective is to grow current premiums from around £60m to £100m over the next two years.”
GAL will continue to operate in its traditional wholesale broking markets as well as continue with its specialisation in the building and construction sectors, including all classes of property damage.
GAL's international division will continue to operate in North America, Middle & Far East and Australia.
The deal will give Cobra members access to the Lloyd's market and takes Cobra's gross written premiums from £200m to over £260m.
Steve Burrows and John Lincoln from Cobra will join the board of directors at GAL Holdings Ltd.
