25 May 2017Insurance

Towergate parent in £800m debt issuance

KIRS Group, the holding company being created to combine Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate, is launching a secured bond offering for an aggregate principal amount of £800 million, alongside committing to enter into a £90 million super senior revolving credit facility.

Independent insurance intermediary group KIRS is backed by private equity firms HPS Investment Partners and Madison Dearborn Partners.

KIRS chairman John Tiner said: "The management team has held a number of successful meetings with potential and existing investors globally over the course of the last couple of weeks. The response to the creation of the KIRS Group, given its ability to broaden its services to clients and provide a platform for further expansion has been positive.”

CEO David Ross added: “The unveiling of the KIRS vision is proving to be the momentous shake up of UK General Insurance we always envisioned it would. During these early, critical days of this Group, we are delighted by the feedback and support we have had from our people, peers and industry at large, all of whom have welcomed the news.”

Bank of America Merrill Lynch will act as global coordinator and sole physical bookrunner for the bond offering. Barclays, Credit Suisse, Goldman Sachs and KKR Capital Markets will act as joint bookrunners for the bond offering.

Today’s stories

XL Catlin appoints new global marine CUO

Hannover Re CEO shuns alternative options to navigate soft market

CF Corporation in $1.84bn Fidelity & Guaranty Life acquisition

AI company set to automate the receivables management for insurers

QBE Insurance names new group chief financial officer

Liberty Mutual appoints chief underwriting officer of energy unit

Dale Underwriting secures $200m backing from ProAssurance

Aegon hires ACLI exec as global head of government and policy affairs

Ironshore enhances M&A and tax insurance capacity

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
1 August 2017   UK-based insurance intermediary Towergate, part of the newly-formed Ardonagh Group, has launched Geo Specialty, a London MGA (managing general agent) business with a new team of market specialists.
Insurance
23 June 2017   US-based Ryan Specialty Group has completed the sale of its UK insurance services and claims management subsidiary Ryan Direct Group (RDG) to newly-formed holding KIRS Group.
Insurance
7 June 2017   Insurance intermediary KIRS Group priced its offering of £400 million in aggregate principal amount of 8.375 percent Senior Secured Notes due 2023 and $520 million in aggregate principal amount of 8.625 percent Senior Secured Notes due 2023.