April 24, 2003 by Canadian Underwriter
Anthony Clark International Insurance Brokers Ltd. (TSX: ACL, NASDAQ: ACKBF), is making its first inroads into the U.S. market. The Calgary-based broker consolidator has agreed to purchase all of the assets of an unnamed California brokerage.
Purchase price for the deal, expected to close May 31, was not disclosed, although Anthony Clark notes the amount will be paid in cash and vendor financing. The brokerage expects to generate $1.8 million in new revenues, for an estimated 35% increase in annual revenues, from the new operation. Anthony Clark currently processes over $30 million in premiums for 18,000 customers through its 18 brokerages.
Anthony Clark adds that the move is the first step in its strategy for further U.S. expansion.