Accession Completes $1 Billion Funding Round to Accelerate Growth

American insurance holding company Accession Risk Management Group has completed a USD 1 billion financing round.

The move is intended to further accelerate the firm’s growth, which has been marked by acquisitions of specialist brokerage houses and targeted organic expansion.

The latest financing, which was oversubscribed, includes a $900 million delayed term loan and a $100 million increase in the revolving credit line.

Golub Capital acted as administrative agent, lead arranger and joint bookrunner for the transaction.

John Mina, CEO of Accession Risk Management Group, said: “At a time when the insurance industry is evolving rapidly and risk management requirements are becoming increasingly complex, we are pioneering the reimagining of the brokerage business with an innovative, specialist model.

“As we continue to grow our platform of industry-leading experts, we remain uniquely positioned to be a true business partner to clients, providing sophisticated perspectives and insights that enable decision makers to stay ahead of changing market dynamics, rather than simply keeping pace with them.”

Boston-based Accession, a portfolio company of private equity firm Kelso & Co, oversees a group of specialty insurance and risk management businesses, including Risk Strategies and One80 Intermediaries.

It manages insurance premiums worth more than $15 billion, and the company’s total revenues are $1.5 billion.

Last year, Accession made 32 new acquisitions, driving organic growth and 25 percent year-over-year revenue growth.

In June this year, One80 Intermediaries introduced a liability insurance solution tailored to the needs of restructuring directors. The solution aims to mitigate the specific risks associated with restructuring companies in difficulty.

In March, Risk Strategies acquired Pace Professional Services, a professional liability insurance company for auditors and law firms.

“Accession Completes $1 Billion Funding Round to Accelerate Growth” was originally created and published by Life Insurance International, a GlobalData brand.

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