US-based insurance holding company Accession Risk Management Group has concluded a $1bn financing round.
This move is set to further propel the company’s growth, which has been characterised by acquisitions of speciality brokerages and targeted organic expansion.
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The recent financing, which was oversubscribed, comprises a $900m delayed draw term loan and a $100m increase to its revolving line of credit.
Golub Capital served as the administrative agent, lead arranger, and joint bookrunner for the transaction.
Accession Risk Management Group global CEO John Mina said: “At a time when the insurance industry is rapidly evolving and risk management demands become increasingly complex, we are leading the way in reimagining the brokerage business through a novel, specialist-based model.
“As we continue to grow our platform of top experts in their respective sectors, we remain uniquely positioned to be a true business partner to clients, providing the sophisticated perspectives and insights that enable decision-makers to stay ahead of changing market dynamics, not just keep pace with them.”
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By GlobalDataBoston-based Accession, which is a portfolio company of private equity company Kelso & Co oversees a family of specialty insurance and risk management companies, including Risk Strategies and One80 Intermediaries.
It manages more than $15bn in insurance premiums and has combined revenues of $1.5bn.
Last year, Accession completed 32 new acquisitions, driving organic growth, and a 25% rise in revenue compared to the previous year.
This June, One80 Intermediaries introduced a liability insurance solution tailored for chief restructuring officers, designed to mitigate the specific risks associated with the restructuring of distressed companies.
In March, Risk Strategies acquired Pace Professional Services, which specialises in professional liability coverage for certified public accountants and law practices.
