Broker wants to double within four years
Clear Insurance Management has added an extra £2m to its acquisition pot after refinancing its bank borrowing with Clydesdale Bank.
The broker now has access to £6.5m and is looking to buy brokers which could bolt onto its City office.
Chief executive Howard Lickens said the ideal acquisition target would be a “commercial broker with some kind of niche or specialism.”
The broker is looking to double in size within four years. “With this [extra funding] we can do that,” he told Insurance Times.
Clear has acquired 16 brokers since it began trading in 2001. It now manages gross written premiums of £45m and has 16,000 clients.
Clear previously had facilities in place with Macquarie Bank, which pulled out of making loans to UK Brokers in 2012.
Lickens added: “Macquarie was the bank for small and mid-sized brokers. Clydesdale are keen to take up a bit of that slack.”
The bank facilities were arranged by commercial finance brokers Integritas Finance Solutions.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet