Clearwater debt advisory team has advised Beech Tree Private Equity (‘Beech Tree’) on the financing of Avid Insurance Services (‘Avid’), a specialist UK based management general agent (‘MGA’) writing more than £40m of gross written premium.
Avid, which was formed in 2006, is an established General Insurance Intermediary and MGA, holding both Lloyd’s cover holder and Broker status. Avid places a wide variety of personal and commercial products into the market and enjoys a number of successful long-term relationships with capacity providers and distributers.
Clearwater helped raise debt facilities from Clydesdale & Yorkshire Bank, to support the primary buy-out and to accelerate the business’ growth strategy. Management aim to grow the business through a combination of building out existing lines and attracting underwriting teams with unique skillsets and access to distribution in the insurance market.
The debt financing comes on the back of a successful relationship between Clearwater and Beech Tree, with Clearwater team advising on three Beech Tree transactions in the past twelve months.
