Financing Agreement: Noble Insurance Group Secures £5 Million Credit Facility
Noble Insurance Group Expands with Caravanwise Acquisition
Noble Insurance Group, a UK-based integrated network of specialist insurance intermediaries, has announced the acquisition of Caravanwise, a specialist insurance intermediary focused on the camping and leisure market. The acquisition was supported by a £5 million loan from digital bank OakNorth.
Caravanwise, based in Christchurch, arranges insurance coverage for various vehicles such as static and touring caravans, trailer tents, park homes, motorhomes, campervans, folding campers, and horseboxes. Noble Insurance Group sees Caravanwise as a strategic addition due to its strong brand reputation, loyal customer base, and expertise in the specialist caravan and leisure insurance markets.
Founded in 2019, Noble Insurance Group includes brands such as Noble Marine, WG Yachts, Graham Sykes, and New Moon. The acquisition of Caravanwise adds to their diverse portfolio, which also covers pleasure craft, marine, and niche specialist vehicles. The £5m loan from OakNorth will support this acquisition and help Noble Insurance Group continue its expansion via acquisitions and build a comprehensive portfolio of specialist insurance brands.
OakNorth was advised on the transaction by Cowgills and HCR, while Noble Insurance Group was advised by SMB. Dale Cowdell, Director of Debt Finance at OakNorth, commented on the transaction, saying, "We are delighted to support Noble Insurance Group in their latest acquisition, which underscores our commitment to helping entrepreneurs grow their businesses."
Henry Arundel, Co-founder and Managing Director of Noble Insurance Group, also commented on the transaction, stating, "We are excited to welcome Caravanwise to the Noble Insurance Group family. This acquisition further strengthens our position in the specialist insurance market and provides us with a strong platform for future growth."
Meanwhile, in other news, Chetwood Financial, a digital bank founded in 2016 in Wrexham, has seen a change in leadership. Andy Mielczarek is stepping down as CEO, with Paul Noble announced as his replacement, subject to regulatory approval.
Elsewhere, Focus, a construction insurance specialist MGA, has partnered with NIG to launch a Contractors Liability facility for smaller contractors. The facility is now available to Focus's panel of brokers nationwide.
These developments highlight the dynamic and evolving landscape of the UK's insurance and financial sectors, with entrepreneurs securing funding for new ventures and established players expanding their businesses through strategic acquisitions.
The acquisition of Caravanwise by Noble Insurance Group, financed by a £5 million loan from digital bank OakNorth, is an event that signifies Noble Insurance Group's expansion into the camping and leisure market, as they aim to build a comprehensive portfolio of specialist insurance brands in the business sector.
In another development, a change in leadership has occurred at Chetwood Financial, a digital bank based in Wrexham, with Paul Noble replacing Andy Mielczarek as CEO, subject to regulatory approval, indicating continued growth and evolution in the UK's financial sector.
