Capita in Shariah compliant MGA start-up
Capita Insurance Services has agreed to finance start-up managing general agent (MGA) Cobalt Underwriting Services.
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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