The deal marks the latest chapter in Cobalt’s growth and it is likely to continue on the acquisition trail. Last November, it became one of the founding members of broker alliance Concordia.
The Square Mile name will continue as a brand and its day-to-day running is unchanged.
Cobalt managing partner Julian Ingall says: “It has been no secret that we have been looking at acquiring top quality businesses for a while and they do not come any higher in quality than Square Mile. We are proud to acquire such a highly regarded business.”
Square Mile managing director Andy Wilgoss says: “This is a superb deal all round. After restructuring the Square Mile shareholding in 2005, we have achieved our plan to grow the company while driving profitability.”