Canadian Underwriter

Anthony Clark continues U.S. expansion

September 9, 2004   by Canadian Underwriter

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Calgary-based Anthony Clark International Insurance Brokers has added its third U.S. brokerage, and its first on the east coast. Anthony Clark’s U.S.-based Addison York Insurance Brokers Ltd. has purchased the fixed assets and customer accounts of Al Vinciguerra Ltd. in Norfolk, Virginia.
The transaction is valued at $9.03 million and was financed with seller financing, new financing of $4.2 million and an existing credit facility, notes an Anthony Clark release. Sales manager Ron Vinciguerra will remain with the brokerage.
Anthony Clark expects the purchase to add 60% in additional revenues annually, for total network premiums to reach $100 million annually with 60,000 customers.

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