New £30m funding boost for RK Harrison

29th June 2012

RK Harrison Group Ltd (RKH), a leading London-based, independent insurance broker, recently secured a new £30 million refinancing deal with Clydesdale Bank and RBS.

The new revolving credit facility is a club deal with Clydesdale Bank and RBS both holding 50% of the funding and replaces RKH’s existing £23 million debt facility.

RKH employs around 560 staff at 12 offices in 8 locations worldwide and has a turnover of approximately £80 million.

The firm specialises in providing tailored solutions to businesses, insurance brokers, trade associations and private individuals operating across four broking subsidiaries – RK Harrison Insurance Brokers, RK Harrison Insurance Services, RKH Financial Risks and Bowood Insurance Brokers in addition to Aqueduct Underwriting Management, their MGA vehicle.

Established in 1882, RKH was incorporated in 1998 via a management buyout from Hiscox Harrison Ltd.

The company has enjoyed strong growth in recent years via a series of acquisitions.

The Clydesdale Bank Corporate and Structured Finance team was led by Paul Hambrook, a Director in the Corporate Banking team in London. He said:

“RKH has positioned itself as one of London’s foremost insurance brokers via a carefully targeted strategy of ongoing acquisition.

“The quality and breadth of the services the firm offers to the market across its four divisions have been instrumental in enhancing their reputation in the sector and we are pleased to be able to support them as they continue to realise their ambitions for the business.”