Brightside Group deal sees Clydesdale expand its insurance market presence

Clydesdale Bank Corporate and Structured Finance has completed a senior debt re-financing for AIM listed insurance broker, Brightside Group plc.

The deal sees Clydesdale take over as Brightside’s principal relationship bank and senior debt provider for its premium finance subsidiary, Panacea Finance Ltd.

Brightside is a growing and diverse insurance broking group based in Bristol, covering classes of business such as vans, motor, house, taxis, bikes plus premium finance.

Paul Chase-Gardener, chief executive officer of Brightside, commented: “This is an important step forward for our company. Clydesdale are helping to provide extra capacity to our premium finance business at a time when premiums are rising in the market and payment plans are increasingly important as part of our offering. We are pleased to be working with Clydesdale and their specialist insurance team.”

John Holm, director with Clydesdale Bank Corporate and Structured Finance, said: “Brightside is a successful and highly rated broker operating in various niche areas of the UK insurance broking market and we are delighted to assist them in the growth of their business. Clydesdale continues to grow its presence in the UK insurance sector, an area where we see continued growth and opportunities.”