Cobalt Insurance Holdings Limited (“Cobalt”) has announced the sale of a strategic equity stake to Armour Group Holdings Limited, the Bermuda based diversified insurance group.

The transaction provides development capital for Cobalt’s business as an Islamic insurance coverholder at Lloyd’s and the London insurance markets, and will enable the implementation of its strategy to become a full insurance carrier. Lesmoir-Gordon, Boyle & Co. Limited (“LGB”) played an important advisory role during the process.

As part of the Armour transaction, the group has also secured the appointment of four new non-executive directors including Max Taylor, whose experience includes the former chairmanship of the Corporation of Lloyd’s.

LGB worked closely with management during 2015, advising on the refinements to the group’s strategy and the terms of the changes to its board of directors. Alongside Cobalt’s existing institutional investors, Capita Plc and Bank of London and The Middle East Plc, it is a strategic partner with the resources and experience to drive this exciting stage of Cobalt’s business development – ultimately enabling the group to offer a complete Islamic insurance solution to its customers.

Colin Grint non-executive director of Cobalt said: “We are grateful to LGB for their continued support during 2015.  We were impressed with their creativity in structuring the Armour transaction and hard work in executing it.  We look forward to working with them in 2016.”