US-based insurance coverage holding firm Accession Danger Administration Group has concluded a $1bn financing spherical.
This transfer is ready to additional propel the corporate’s development, which has been characterised by acquisitions of speciality brokerages and focused natural growth.
The current financing, which was oversubscribed, contains a $900m delayed draw time period mortgage and a $100m improve to its revolving line of credit score.
Golub Capital served as the executive agent, lead arranger, and joint bookrunner for the transaction.
Accession Danger Administration Group world CEO John Mina mentioned: “At a time when the insurance coverage business is quickly evolving and threat administration calls for turn out to be more and more advanced, we’re main the best way in reimagining the brokerage enterprise by way of a novel, specialist-based mannequin.
“As we proceed to develop our platform of prime specialists of their respective sectors, we stay uniquely positioned to be a real enterprise accomplice to shoppers, offering the subtle views and insights that allow decision-makers to remain forward of fixing market dynamics, not simply preserve tempo with them.”
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Boston-based Accession, which is a portfolio firm of personal fairness firm Kelso & Co oversees a household of specialty insurance coverage and threat administration corporations, together with Danger Methods and One80 Intermediaries.
It manages greater than $15bn in insurance coverage premiums and has mixed revenues of $1.5bn.
Final yr, Accession accomplished 32 new acquisitions, driving natural development, and a 25% rise in income in comparison with the earlier yr.
This June, One80 Intermediaries launched a legal responsibility insurance coverage resolution tailor-made for chief restructuring officers, designed to mitigate the particular dangers related to the restructuring of distressed corporations.
In March, Danger Methods acquired Tempo Skilled Providers, which specialises in skilled legal responsibility protection for licensed public accountants and legislation practices.
