Network offering set for makeover as Burrows targets new era for Cobra

Steve Burrows Cobra

Cobra chief executive Steve Burrows wants to revamp the broker’s network offering following his offer to buyout the company.

On Friday, Burrows’s Alto Intermediary offered 20 pence a share in cash, or £7.3m, for the broking group which was recommended to its shareholders.

Speaking to Insurance Times about his plans for Cobra in the next 12 months, Burrows said: “There will be a number of innovations within the network. We want to completely improve and revamp the network and look at how we can be head and shoulders above the competition.”

The network currently has around 120 broker members.

Burrows added that there would be a restructure of certain management teams across the business.

Chairman John Robinson along with other non-executive directors will resign when the company completes its delisting from the Alternative Investment Market.

A new board is being installed with investor Dominic Wainford set to become chairman and Burrows taking a more ‘hands-on approach’ as chief executive.