Bank looking to expand presence in UK insurance market lending
UK-based run-off buyer The Quest Group has bought a portfolio of business with the help of a loan from Clydesdale Bank.
The bank provided Quest with a senior debt facility, which allowed it to buy an insurance portfolio from Icarom plc.
Quest has offices in London and Zurich. It provides consulting services to the insurance industry and invests in discontinued insurance portfolios in the UK, Europe and Asia.
The loan has expanded Clydesdale Bank’s presence in the insurance market.
Quest executive director Sean McDermott said: “We are extremely pleased to have completed the acquisition from Icarom plc with the assistance of Clydesdale Bank.
“Its specialist sector knowledge was vital in helping us to structure the debt facility and the bank is committed to helping us as we look for further growth opportunities.”
Clydesdale’s national insurance sector head Paul Hambrook said: “This is a fantastic opportunity to work with the Quest management team as they look to grow their presence in the insurance market. We are looking forward to offering our support towards their future growth strategy.
“We are continuing to strengthen our position in the UK insurance sector, an area where we expect to see further growth.”
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