UK - Barclays and Lloyds TSB support insurance broker

Guy
21 February 2006

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Leeds based Barclays Leveraged Finance (BLF) and Lloyds TSB Corporate Acquisition Finance have acted as joint mandated lead arranger in the provision of a £53m finance package to Oval, a leading industry consolidator in the corporate insurance broking sector.

The finance package will allow the business to meet the next stage of its growth plans in the light of the rapid consolidation of the UK insurance market and is positive news for independent brokers facing the practical problems of coping with increasing and onerous regulatory change.

The £53m club finance package was jointly led by Ash Chopra for the Leveraged Finance team at BLF and Peter Bate from the Acquisition Finance team at Lloyds TSB Corporate.

Oval is one of the leading providers of insurance broking services in the UK. It was created as corporate vehicle to take advantage of acquisition opportunities in the corporate insurance broking sector. Barclays along with equity provider Caledonia Investments Plc provided the initial acquisition funding for the business.