Clearwater International advises ASX-listed PSC Insurance Group Ltd on raising debt facilities to support two acquisitions and accelerate their UK growth strategy
Clearwater International UK debt advisory team has advised Australian based PSC Insurance Group Ltd (PSC) on raising €40.6m of committed facilities plus a €58m incremental facility from Barings.
PSC, a diversified insurance services group with a market capitalisation of approximately A$750m, has over 40 businesses operating across Australia, the UK and New Zealand.
PSC entered the UK market after acquiring Carroll Holman in 2012. The UK market is a core strategic focus for PSC due to its global importance to the insurance industry, with a diverse range of UK focused wholesale, retail and managing general agent offerings.
The debt raised, in conjunction with PSC’s recent successful institutional share placement, has given the Group funding capacity to refinance existing UK debt facilities, complete the 100% share acquisitions of Lloyds of London brokers Paragon International Holdings (Paragon) and Carroll Insurance Group Ltd (CIG) and provided a significant war chest to support PSC’s future acquisitive growth in the UK markets over the long term.
Paragon has strong expertise in professional and financial lines and is seen as a landmark transaction for PSC due to its exposure to the US market. CIG will further strengthen and broaden PSC’s UK direct and wholesale business with complementary product lines.
Clearwater International has a long and proven track record in raising debt funding for corporate and private equity backed insurance companies, having completed five transactions in the sector in 2019.