Hood Group primed for growth with Clydesdale Bank refinance
Leading affinity insurance provider, Hood Group, is set for a period of rapid growth following the completion of a major refinancing programme with Clydesdale Bank.
Hood Group, which employs more than 200 staff in its Essex based office, offers high quality general insurance products, backed up by award-winning customer service, for a wide range of insurance partners including Legal & General, who announced the launch of a new travel insurance proposition in March 2016.
The appointment of Clydesdale Bank by Hood Group follows a process managed by WK Corporate Finance. The refinance deal it has obtained will allow the business to continue with its growth plans, which could include acquisitions. It is the latest insurance-related intermediary customer to join Clydesdale Bank’s growing portfolio.
Simon Hood, CEO, comments: “This new financial structure will provide Hood Group with the foundation from which to grow. We have set out a clear business development strategy for the next few years, and Clydesdale Bank will be an important partner for us. They understand the needs of a rapidly growing business in our sector and presented a well thought through financing proposal. Their flexibility and responsiveness have enabled us to agree on a solution that ticks all of our boxes.”
Hood Group provides services across a number of sectors, who want to broaden and add value to their customer offering, with high quality travel and home insurance products backed up by exemplary customer service. It currently manages GWP (gross written premium) of almost £47 million, across a portfolio of various well-known brands including ASDA Money, MORE TH>N and RAC.
Paul Hambrook, Head of Insurance at Clydesdale and Yorkshire Banks, said: “Hood Group is a highly regarded operator in their field and we are very pleased to have been chosen as their banking partner.
“Across the UK, Clydesdale and Yorkshire Banks have provided debt facilities to a number of insurance brokers in recent years and when we met with Hood’s Management team, it was clear that the group had a similar impressive growth strategy.
“We look forward to working with Simon and his team as they look to deliver on their plans.”