Calgary-based broker network Anthony Clark International Insurance Brokers Ltd. (TSX: ACL) has secured a US$5 million (Cdn$6.650 million) debt financing arrangement made available by Oak Street Funding LLC for the broker’s U.S. operation, Addison York Insurance Brokers Ltd.The debt arrangement, which carries interest of prime plus 8% charged on payments during the first two years, will mature seven years from closing of the transaction. An Anthony Clark statement says the gearing will be used to refinance debt under Paragon Capital as well as fund further brokerage acquisitions within the U.S.
Why Calgary’s hailstorm could send more Alberta auto insurers to the exits
Calgary’s record-setting hailstorm in August may send more of the province’s auto insurers heading for the exits, Insurance Bureau of Canada warned Thursday. “The Calgary hailstorm will add $900 million in unexpected claims cost pressures at a time when Alberta’s auto insurance system is in crisis due to the province’s rate cap,” Aaron Sutherland, IBC’s […]
By David Gambrill | September 19, 2024
3 min read
