Clearwater International advises Beech Tree Private Equity on raising debt facilities to support the MBO of Avid Insurance Services
Clearwater International 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 International 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 International and Beech Tree, with Clearwater team advising on three Beech Tree transactions in the past twelve months.