Insurance company, Noble Insurance Group, secures a £5 million loan.
Noble Insurance Group Secures £5 Million Loan from OakNorth Bank for Growth
Noble Insurance Group, a specialist insurance intermediary network, is set for growth following a £5 million loan from OakNorth Bank. The funding will support Noble in continuing its buy-and-build strategy, acquiring complementary specialist brokers like Caravanwise, a camping and leisure insurance specialist [3][4].
OakNorth Bank’s Director of Debt Finance, Dale Cowdell, praised Noble Insurance Group, saying, "They have built a robust, high-margin platform in a highly specialised part of the insurance market. Their strong insurer partnerships and the expected growth in the insurance agent and broker market over the next five years position Noble well for sustainable growth" [3].
Henry Arundel, Co-founder and Managing Director of Noble Insurance Group, expressed confidence in the company's future, stating, "OakNorth’s support has enabled us to scale our platform and continue delivering value to insurer partners and policyholders. We are excited about the opportunities for expansion and market consolidation" [3].
Noble Insurance Group is an integrated network of specialist insurance intermediaries, offering a diverse range of insurance products and services. The company's brands include Caravanwise, which specialises in the camping and leisure market and arranges insurance cover for various vehicles [1].
Meanwhile, Focus, a construction insurance specialist, has partnered with NIG to launch a Contractors Liability facility for smaller contractors, making it available to Focus's panel of brokers nationwide [2].
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) [5].
The loan from OakNorth will also help accelerate Noble Insurance Group’s buy and build strategy. Entrepreneurs in the UK have secured £25m of funding for new ventures through personal guarantee backed loans protected by Personal Guarantee insurance in the past three years [6].
Noble Insurance Group was advised by SMB, while OakNorth was advised on the transaction by Cowgills and HCR [7].
In summary, Noble Insurance Group is a well-capitalised specialist broker network actively acquiring niche insurers. The company is poised for continued growth driven by a proven acquisition strategy, strong partnerships with insurers, growth potential in specialist insurance market segments, increasing demand for specialist broker services as the UK insurance broker market consolidates, and the recent £5m loan from OakNorth Bank.
References: [1] Caravanwise specialises in the camping and leisure market and arranges insurance cover for various vehicles. [2] Focus, a construction insurance specialist, has partnered with NIG to launch a Contractors Liability facility for smaller contractors. [3] Noble Insurance Group secures £5 million loan from OakNorth Bank to support growth and acquisitions. [4] Noble Insurance Group acquires Caravanwise, a camping and leisure insurance specialist. [5] Andy Mielczarek steps down as CEO of Chetwood Financial, with Paul Noble announced as his replacement (subject to regulatory approval). [6] Entrepreneurs in the UK have secured £25m of funding for new ventures through personal guarantee backed loans protected by Personal Guarantee insurance in the past three years. [7] OakNorth provides £5m loan to Noble Insurance Group, supported by advisory services from SMB, Cowgills, and HCR.
This £5 million loan from OakNorth bank will not only aid Noble Insurance Group in scaling their platform but also accelerate their buy-and-build strategy, supporting the acquisition of finance-oriented businesses within the insurance sector. The expected growth in the insurance agent and broker market over the next five years, coupled with Noble's strong insurer partnerships, positions them well for sustainable business expansion.
