Windsor deal sees Clydesdale enter London insurance market

Lloyd’s broker Windsor Ltd has completed a senior debt refinancing supported by Clydesdale Bank Corporate and Structured Finance.

The deal sees Clydesdale take over as Windsor’s senior debt provider and provides a refinance of its bank debt as well as a partial refinance of its loan notes from private equity house Hutton Collins.

The original funding was put in place to support the management buy-out of the company in 2007 when it left the stock market to return to private ownership. Windsor is a specialist Lloyd’s broker covering a range of sectors including professional indemnity, marine, energy, corporate, aviation, pharmaceutical and bloodstock.

John Bennett, chief executive officer of Windsor, commented: “This refinancing is a major milestone for Windsor. In Clydesdale Bank we have found an entrepreneurial partner with a deep insight into our market and one that has exceeded all of our expectations.

“We are delighted to have repaid much of the capital invested in taking our company private in 2007. We are proud of our growth, which is the result of much hard work by people in difficult market conditions. Windsor is well set for the future and we are excited by the opportunities that lie ahead.”

John Holm, director with Clydesdale Bank Corporate and Structured Finance, said: “Windsor is a successful and highly rated broker operating in the competitive Lloyd’s and London market. The business has continued its growth strategy following its public to private transaction in 2007.

“Clydesdale is delighted to be supporting the business and to have completed our first deal in the London insurance sector, an area where we are currently developing our involvement.”