Davies inks deal to refinance its senior debt facilities
Davies inks deal to refinance its senior debt facilities | Insurance Business Canada
Insurance News
Davies inks deal to refinance its senior debt facilities
The company has secured a new credit line specifically for mergers and acquisitions
Insurance News
By
Kenneth Araullo
Specialist insurance services provider Davies has announced a £1.5 billion refinancing of its senior debt facilities.
The company explained that the refinancing significantly reduces its interest bill, extends debt maturities, and secures additional credit facilities for future growth.
The refinancing deal sees existing lender Blackstone Credit & Insurance continuing its support for Davies, along with participation from CPP Investments, Alberta Investment Management Corporation (AIMCo), New Mountain, funds managed by Hamilton Lane, and Stepstone Group.
The transaction extends debt maturities to 2031 and secures a new credit line to fund investment in mergers and acquisitions (M&A), innovation, and strategic projects, including AI and GenAI development.
Dan Saulter (pictured above), group CEO of Davies, commented on the refinancing and highlighted its role on the company’s growth.
“We are delighted to have secured this refinancing, which saw high demand and very competitive terms,” Saulter said. “We look forward to continuing to work with Blackstone, as well as bringing in new credit partners to help us fund our next phase of growth. The deal demonstrates confidence in Davies as a leading provider of professional services and technology for insurance and highly regulated markets, but it also recognizes the financial strength of our business and our focused and proven strategy for profitable growth.”
Over the past decade, Davies has completed more than 50 acquisitions, entering new geographies to support its global client base of over 1,700 insurance and regulated businesses.
In November 2023, Davies added significant new claims and services capabilities to its North American claims business through the acquisitions of four claims and services businesses from Brown & Brown. In February 2024, Davies also acquired Matson, Driscoll & Damico (MDD) to add forensic accounting expertise.
Dominate risk management with the latest insights and strategies from Davies Group expert Lisa Carter via this article here.
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