ING loans Anthony Clark Cdn$4.5 million to fund purchases of brokerages

Anthony Clark International Insurance Brokers Ltd. (ACLTSX Venture) has closed secured debt financing arrangements with ING Insurance Company of Canada, in which ING has agreed to provide a Cdn$4.5-million loan facility to Anthony Clark Insurance Brokers Ltd.
“The facility will be available to finance the potential future Canadian expansion projects and purchases of Canadian insurance brokerages,” Anthony Clark noted in a press release. “The facility has been fully guaranteed and secured by the Canadian assets of the corporation and Anthony Clark Insurance Brokers Ltd.”
Based in Calgary, Anthony Clark International Insurance Brokers Limited is a general insurance brokerage and has been in the general insurance business since 1989. It currently employs 144 people and operates it out of 17 offices five in Alberta, and 12 in the United States (including one in California, 10 in Virginia and one in Illinois).
To date, Anthony Clark International has purchased 23 general insurance brokerages. The company Web site says it has plans to acquire additional brokerages in both Canada and the United States.
“Anthony Clark has expanded through internal growth and acquisitions and will be processing over [Cdn]$125 million in insurance premiums for its customers,” the company reported in a press release.