Consolidator is understood to be arranging a £100m acquisition war chest
Oval is believed to be undergoing a refinancing operation in a bid to boost its acquisition war chest, following private equity investment in rival consolidators Jelf and Giles.
Insurance Times understands that the broking group is seeking a loan facility of up to £100m. It currently has debt financing of £75m.
A senior market source said: “[The refinancing] is not a question of if, but when. All of the consolidators’ existing acquisition funds go up to 5 April. Oval is no different.”
In November chief executive Phil Hodson said that Oval intended to seek further acquisition funding after the broker boosted its war chest by £15m courtesy of Barclays Leveraged Finance and Lloyds TSB Corporate Acquisition Finance, who granted the consolidator an initial sum of £53m in March last year.
An Oval spokesman said: “We do not comment on speculation.”
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.
