03/09/2008 16:32:52 - COBRA joins the Luxury Network

COBRA joins the Luxury Network - COBRA Insurance Brokers are delighted to have joined the Luxury Network as the approved Insurance Partner.

The Luxury Network is the UK's most influential and exclusive luxury marketing group; a private community of  non-competitive premium brands, working together at senior director level for mutual business development.

The group covers all areas of the top-end market including: Insurance, Wealth Management and Finance, Motoring and Exclusive Travel and Resorts.

COBRA Insurance Brokers are privileged to have the opportunity to work alongside the Luxury Network and such exceptional brands.

For further information on the Luxury Network, please visit www.theluxurynetwork.co.uk

Contact us:
If you have any questions, please contact:

Richard J. Cliffe
Schemes & Marketing Manager
Telephone: 01883 333384
Email: richard.cliffe@cobrainsurance.co.uk

30/04/2008 15:34:02 - Acquisition Update - COBRA Completes Four Acquisitions

COBRA Holdings Plc - News Announcement

Cobra Holdings PLC - Completes Four Acquisitions
RNS Number:6015R
Cobra Holdings PLC
04 April 2008

Date:                    4 April 2008
On behalf of: COBRA Holdings PLC ('COBRA' or the 'Group')
Embargoed until:         0700hrs

COBRA Holdings PLC
Acquisition of three insurance brokers and an underwriting agency

The Board of COBRA Holdings plc, a major UK-based retail and wholesale insurance broking group, is pleased to announce that it has acquired four businesses comprising of three insurance broking entities, Giles (Alton) Ltd ('Giles'),
J.K. Lee Limited ('JKL'), G.D.K Insurance Services Limited ('GDK') and an underwriting agency, County Insurance Services Schemes ('CISS'). Giles is based
in Hampshire, JKL is based in Manchester and GDK and CISS, which trade alongside each other, are based in Essex.

COBRA's 'hub and spoke' growth strategy involves the establishment of substantial regional offices ('hubs') with smaller local offices ('spokes').
All of the acquisitions completed today will become spoke offices within the COBRA Group.

All three broking operations benefit from a client base predominantly made up of commercial customers, which as members of the COBRA Group, will be able to offer
their customers additional insurance services and access to a wider range of underwriters than they could as independent businesses. As a result of the aggregation of its premiums with those of COBRA and its Network, COBRA expects to generate higher commission levels and improved profitability from the acquired businesses at no cost to their customers.

Giles, whose last audited accounts were prepared for the year ended 30 April 2007, generated pre tax profits of £216,554 for that year and had net assets at
that date of £1,065,768.  The consideration payable comprises an initial cash payment of £1,000,000, and deferred cash payments of £1,950,000 in late April
2008, £180,000 in January 2009 and £670,000 in April 2009. In addition 166,667 new COBRA shares are to be allotted in late April 2008. Based on the closing
price of a COBRA share on 3 April 2008 of 88.5p, the aggregate consideration amounts to £3,947,500.

J.K. Lee Limited, whose last audited accounts were prepared for the year to 31 October 2006, generated pre tax profits of £162,954 for that year and had net
assets at that date of £125,156.  The consideration payable comprises of an initial cash payment of £722,500, the allotment of 204,000 new COBRA shares,  a
first deferred cash payment of £361,250 in July 2009 and a final deferred cash payment in July 2010 of between £361,250 and £511,250 depending on performance.
There will also be two equal deferred cash payments of approximately £75,000 in October 2008 and July 2009.  Based on the closing price of a COBRA share on 2
April 2008 of 88.5p, the aggregate maximum consideration amounts to £1,925,540.

CISS is a partnership, whose partners also trade through G.D.K. The acquisition of CISS will include the agency's group of independent insurance firms providing
COBRA with a range of new marketing and sales opportunities to attract more members to the wider COBRA Network and COBRA London Markets.

COBRA has acquired the business and assets of both G.D.K. and CISS.  The most recent accounts of CISS, which have not been audited, were prepared for the year
ended 30 April 2007 and showed a net profit before tax for that year of £288,818 and net assets at that date of £142,081. The most recent accounts of G.D.K.,
which have not been audited, were prepared for the year ended 30 November 2007 and showed a net loss before tax for that year of £22,790 (2006: audited loss
£1,909) and net assets at that date of £127,988 (2006: audited £150,777). The combined consideration payable comprises of an initial cash payment of
£1,000,000, a deferred cash payment of £1,295,000 in April 2008 and between £645,000 and £1,425,000 in July 2009, depending on performance.  In addition,
360,000 new COBRA shares are to be allotted in late April 2008. Based on the closing price of a COBRA share on 2 April 2008 of 88.5p, the aggregate maximum
consideration amounts to £4,038,600.

The contracts for all the above acquisitions contained warranties and indemnities in favour of the purchaser and non-competition covenants by the vendors.  All the new COBRA shares issued and to be issued to vendors as
consideration are, or will be, subject to lock-in agreements for a period of 15 months during which the shares may only be sold in certain specific
circumstances.

Application has been made to the London Stock Exchange plc for the admission of the 204,000 new COBRA shares allotted yesterday. The initial cash consideration
will be partly financed out of the £1.615m proceeds of the placing of 1,665,206 new COBRA shares at a price of 97p per COBRA share which was announced on 28 March 2008.

Following the issue of 204,000 new COBRA shares, there are 39,688,119 COBRA shares in issue.

Steve Burrows, Chief Executive of the COBRA Group, said:

'These acquisitions demonstrate COBRA's commitment to taking advantage of the opportunities for consolidation in the insurance broking market, in particular in the provincial markets.  These businesses introduce new revenue streams and opportunities to the Group. We look forward to leveraging these opportunities to provide a broader range of products and improved services to customers and
Network members.'

Enquiries:

COBRA Holdings Limited

020 7204 8852
Steve Burrows, Chief Executive

Fairfax I.S. PLC

020 7598 5368
Paul Richards / Ewan Leggat

Redleaf Communications  

020 7822 0200
Emma Kane / Samantha Robbins / Adam Leviton              Email: sr@redleafpr.com

Dawnay, Day Corporate Finance Ltd   

020 7509 4570
David Floyd / Paul Cocker

Notes to Editors

About COBRA Holdings PLC

The Group was formed in 2006 through the amalgamation of six separate companies
under a single parent company, COBRA Holdings PLC, creating a business capable
of providing a wide range of services in five distinct areas of the insurance
market.

It has one of the fastest growing UK networks, with in excess of 125 independent
insurance brokers.  In addition, it offers retail insurance, wholesale Lloyds
facilities, underwriting capacity and financial services.  The Group has
expanded rapidly over the last year due to both organic and acquisition growth.

02/04/2008 12:29:21 - Buy your Travel Insurance here

Some of the key benefits of the policy are:

• Increased age limit for single trip policies to 85 years
• Increased age limits for Annual multi trip for Europe  and the rest of the world
• Independent travel for all insured persons including children
• Many hazardous sports and activities covered as standard
• Increased Medical Expenses limit to £10m
• Policy details sent to your mobile phone
• Free  medical screening for pre-existing medical conditions (Please call 0845 070 3593 - Monday to Friday 9.00am to 6.30pm: Saturday 9.00am to 5.00pm excluding public holidays)

Alternatively, if you need  to discuss your Travel insurance requirements, then please contact our Personal Lines team on 01883 346 346.

In the event of an emergency whilst you are on holiday:

Please contact Speciality Assistance 24 hours a day on +44 (0)20 7902 7405 and ensure you have the following information ready:

• Your policy certificate number
• Name, telephone, fax or mobile number at which you can be contacted
• Type of assistance required

Remember that your policy certificate number and the Emergency Helpline number can be sent to your mobile phone (your mobile telephone number can be supplied when you are confirming you wish to purchase the cover - click here).

For useful travel tips click here

26/10/2007 12:27:58 - Energy Performance of Buildings

In 2007 the government launched regulations designed to reduce CO2, emmissions of buildings and improve energy efficiency.

From 6th April 2008 the legislation will affect property owners and developers as follows:

In England & Wales:

- Landlords/property owners must provide an Energy Performance Certificate to any prospective buyer or tenant where they construct, sell or lease or modify a commercial building over 50m2.

Failure to comply could result in the conveyance not being completed, in addition, you could liable for fines up to £5,000 and £1,000 for faling to provide a recommendation report.

The legislation will be phased in as follows:

6th April 2008 - over 10,000m2

1st July 2008  - over 2,500m2

1st October 2008 - over 50m2

- Public authorities and institutions occupying buildings with a usable floor area over 1,000m sq must present a Display Energy Certificate (DEC) in an area clearly visible to the general public.

 By 4th January 2009 all commercial premises with air conditioning systems with an output greater than 250kW will require an energy inspection report for their system.

How can COBRA Insurance Brokers help ?

- Provide Energy Performance Certificates (EPCs) to ensure compliance

- Arrange Energy audits to be carried out identifying opportunities to improve EPC grading

- Arrange Air Conditionig audits to ensure compliance

- Provide energy consumption calculations to demonstrate Part L compliance (this is an essential part of the building control submission of Building Regulations)

Click here for an overview of the legislation and how COBRA Insurance Brokers can help you.

For further information, please call Ricci Ahearne on 01883 333395 or email Ricci.  

22/10/2007 13:00:13 - Acquisition - UK and Ireland Insurance

COBRA Holdings PLC, a UK-based retail and wholesale insurance broking group, today announces the acquisition of UKI Holdings Ltd (“UK & Ireland”) and its subsidiary, UK & Ireland Insurance Services Ltd, a Manchester-based general insurance brokerage specialising in Commercial insurance, in particular for the construction industry.  COBRA will pay a total consideration of approximately £4.3 million.

UK & Ireland has been operating as an insurance broker since 1993, under the brand name UK & Ireland Insurance Services, and has built a strong reputation nationally.

The existing management team, led by James Wrynne, will continue to run the business on a day-to-day basis.  Kevin McNeill will become UK Construction Director, and Mike Regan will be assuming the role of Property Director to take advantage of this rapidly expanding part of the business.  Martin Hoult maintains control of the infrastructure and Dermot McMorrow one of the founders continues to remain close to the business.

UK & Ireland and its subsidiaries (“the UKI Group”) controls £12 million of Gross Written Premiums (GWP) and in the year to 31 May 2007 generated revenues of £1.6 million and profit before tax of £200,000 (unaudited).  The UKI Group’s unaudited net assets as at 31 May 2007 (which included a freehold property) amounted to approximately £987,000.

The acquisition will enable COBRA Insurance Brokers to establish a hub in Manchester, from which it will develop its presence across the North West region through both organic and acquisitive growth.  COBRA’s Hub and Spoke strategy is based on the establishment of regional brokers, linked with smaller independent firms within their catchment area. The smaller firms will be either integrated in to the Hub or managed remotely as satellite offices or Spokes.

UK & Ireland will introduce additional income to the Network, increase GWP and offers further potential to redirect business to the Group’s wholesale insurance and underwriting companies. 

COBRA intends to leverage UK & Ireland’s strong brand in the construction industry by maintaining the name UK & Ireland Insurance Services for construction business.

The consideration will be paid in three stages.  On completion COBRA will pay £2.26 million in cash and allot 613,696 new ordinary shares in COBRA.  The remaining consideration is payable in cash in two equal tranches in December 2008 and December 2009. Application has been made for the admission of the new COBRA shares to trading on AIM.

Commenting on the Group’s acquisition, Steve Burrows, Chief Executive of COBRA, said:

“We are delighted to have acquired UK & Ireland, which introduces new revenue streams and opportunities to the Group and provides COBRA Insurance Brokers with a hub in the Manchester region, an area where we are keen to expand.

This is the second acquisition we have completed since COBRA floated on AIM in July and demonstrates our strategy to expand through acquisitive growth and increase our presence throughout the UK provincial market.”

Commenting on the acquisition, James Wrynne, Managing Director of UK & Ireland, said:

“The team at UK & Ireland, who remain unaltered, are extremely excited about the prospect of being involved with COBRA Holdings PLC.  We are confident this represents an outstanding opportunity for UK & Ireland to better serve our clients through an expanding and forward thinking partnership. We are enthused by COBRA’s vision and are looking forward to implementing the Group’s strategy in this region and beyond.”

Enquiries:

Notes to Editors

About COBRA Holdings PLC

The Group was formed in 2006 through the amalgamation of six separate companies under a single parent company, COBRA Holdings PLC, creating a business capable of providing a wide range of services in five distinct areas of the insurance market. 

It has one of the fastest growing UK networks, with in excess of 100 independent insurance brokers.  In addition, it offers retail insurance, wholesale Lloyds facilities, underwriting capacity and financial services.  The Group has expanded rapidly over the last year due to both organic and acquisition growth.

31/07/2007 13:12:01 - Aquisition - COBRA Tubbs Batten

Date:   27 July 2007
On behalf of:  COBRA Holdings PLC (“COBRA” or the “Group”)

For immediate release

COBRA Holdings PLC
Acquisition of TUBBS Insurance Services Ltd

COBRA Holdings PLC (AIM: CBRA), a major UK-based retail and wholesale insurance broking group, is pleased to announce it has today exercised an option to acquire the share capital of TUBBS Insurance Services Ltd (“Tubbs”), the terms of which were set out in the AIM Admission Document published on 29 June 2007.

Tubbs is a commercial broker based in West Byfleet that controls approx £4.5m of Gross Written Premiums (GWP).

The acquisition of Tubbs was in negotiation prior to the Admission to AIM and following the completion it will now be integrated with an earlier acquisition, K W Batten (Insurance Consultants) Ltd.  KW Batten, was also a COBRA Network member, with a Farnham-based operation controlling nearly £2m of GWP. The principals, Ken & Sandra Batten, have now retired and both businesses will be run by the Tubbs management team.

These acquisitions form part of COBRA’s Hub and Spoke strategy, which is based on the establishment of regional brokers, linked with smaller independent firms within their catchment area. The smaller firms will be either integrated in to the Hub or managed remotely as satellite offices or Spokes. Tubbs and K W Batten will combine to create a local “hub” to our operation in Caterham. The combined operation is expected to add in excess of £1m of revenue to the group.

For the foreseeable future, the new combined entity will trade as COBRA Tubbs Batten Ltd and the operation will continue to be based in West Byfleet.

Neil Carter, Managing Director of Tubbs, commented:
”We have been a member of the COBRA Network for several years and as a company, we appreciate the advantages this brought us. Having now been acquired by COBRA Holdings plc, we look forward to growing our company within this larger organisation and being able to utilise to the full all its resources. This will, undoubtedly, benefit our clients who will have access to an even wider insurance market.”

Phil Truman, Director with responsibility for acquisitions at COBRA Holdings, commented:
“Neil & Roger have an excellent business with a well trained team of experts and we are very pleased to welcome them in to the Group.  Both acquisitions are an excellent demonstration of our Hub and Spoke strategy in action.  In negotiating these transactions we understood the importance of taking into account succession within the business for senior management. 

“The acquisition of Tubbs is the first we have completed since joining AIM in June and we continue to evaluate other opportunities in line with our strategy.” 

Enquiries:

COBRA Holdings Limited Tel: 020 7204 8852
Steve Burrows, Chief Executive 
 
Fairfax I.S. PLC Tel: 020 7598 5368
Paul Richards / Ewan Leggat / Rachel Rees 
 
Redleaf Communications Tel: 020 7822 0200
Emma Kane / Samantha Robbins / Alicia Jennings Email: sr@redleafpr.com
 
Dawnay, Day Corporate Finance Ltd Tel: 020 7509 4570
David Floyd / Sandy Jamieson 

09/07/2007 14:27:19 - Flooding

With further heavy rainfall in many parts of the country and more heavy rainfall predicted, you may find the following tips useful:

Preparing for flooding:

1) Ensure where possible all electrical equipment and stock is stored at least four feet above ground
2) Turn off electrical equipment apart from burglar alarms
3) Turn off the supply to central heating units if at ground floor
4) Move vehicles to high ground if possible
5) Sand bag the premises if there is a high exposure to potential flooding
6) Consider constructing gullies to funnel water to drains
7) Clear all drains and gutters on and around the premises
8) Move high value items away from unmanned premises

After the flooding:

1) Remove debris where possible. If the debris is in any way contaminated, you may need to contact the emergency services
2) Save items of value for inspection
3) If stranded, contact the emergency services immediately
4) Allow ventilation to the premises if possible
5) Consider up to £500 of emergency repairs to mitigate future losses
6) Take all appropriate and reasonable measures to protect the premises from future damage or theft
7) You should notify the loss to our Claims Department as  soon as possible on 01883 346346 or by email

We suggest you visit the following websites for more information on avoiding flood damage.

http://www.environment-agency.gov.uk

http://www.abi.org.uk