Clearwater International advises Beech Tree Private Equity backed Avid Insurance Services on raising debt facilities to support the acquisition of Incorporated Insurance Group Ltd
Clearwater International’s Debt Advisory team has advised Beech Tree Private Equity (Beech Tree) backed managing general agent (MGA), Avid Insurance Services Ltd (Avid), on its acquisition of specialist construction MGA Incorporated Insurance Group Ltd (IIGL).
Avid, formed in 2006 with offices in Leeds and London, 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.
The transaction sees Avid take a majority stake in IIGL, increasing the gross written premiums of the Avid Group up to €87m (£75m) and adds additional product diversification in adjacent markets.
Clearwater International helped raise debt facilities from Shawbrook Bank and Clydesdale & Yorkshire Bank to support the acquisition of IIGL and to provide Avid with committed facilities to support further acquisition opportunities over the next couple of years. Clearwater International also supported Beech Tree on the primary buy out of Avid in 2019.