Capita in Shariah compliant MGA start-up

A view of the City of London

The business has taken a minority equity stake in the MGA's holding company, Cobalt Insurance Holdings and as part of the transaction Capita will provide business outsourcing services for a minimum of five years.

According to Capita, Cobalt offers Shariah compliant commercial insurance lines of business including selected property and casualty lines, marine and trade credit. The insurance capacity is provided by XL Group in London.

Capita claimed the development marked an important step forward

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