Canadian Underwriter

Anthony Clark gains U.S. debt-based acquisition facility

August 21, 2002   by Canadian Underwriter

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Calgary-based broker consolidator Anthony Clark International Insurance Brokers Ltd. (TSE: ACL) has entered into a debt financing arrangement of US$5 million (Cdn$7.9 million) with Textron Financial Corp. The funding was arranged through the broker’s U.S. subsidiary Addison York Insurance Brokers LLC for the purpose of acquiring additional property and casualty insurance brokerages.
Completion of the debt facility arrangement is expected by the end of August this year, according to a company statement. The debt will mature 36 months following completion of the transaction. Anthony Clark currently handles about $30 million in annual premiums representing around 18,000 customers.

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