Clydesdale and Yorkshire Banks is growing its support for the UK insurance industry following a run of new customer funding arrangements in the last 12 months.
The bank, which has worked with the insurance sector for more than five years, has seen its level of support increase significantly with the provision of funding packages for five brokers and insurance-related businesses in the last year, with more to follow this year.
Since last summer, new funding arrangements have been put in place for businesses including The Burley Group, COBRA Group, Miles Smith, Seventeen Group and Clear Insurance Management.
This new funding will help job creation, drive acquisitions and deliver growth plans.
Those customers have cited Clydesdale and Yorkshire Banks’ strong understanding of the UK insurance and broker market, as well as their ability to react quickly to requirements.
Paul Hambrook, head of the insurance sector at Clydesdale and Yorkshire Banks, said the appetite to work with insurance businesses has never been greater.
He said: “The UK insurance market is in a strong and robust position with a number of notable transactions in the last 18-24 months. We’ve seen a fair amount of M&A activity and consolidation and would fully expect to see more, particularly from the smaller end of the market.”
Paul believes consolidation is a cyclical factor and is seeing smaller, mainly family-run operators looking for growth opportunities via acquisition – a trend the bank is very keen to support.
Paul continued: “Our track record in the last 12 months has been to support insurance businesses with clear growth plans and strong management teams. Our size gives us the agility and flexibility to provide a real challenge to other lenders, by reacting quickly to the needs of the market and deliver funding which is right for that particular business at that particular time.”