Breckenridge Insurance Group, a specialty underwriting manager and wholesale insurance broker backed by Arsenal Capital Partners, has closed on $3.25 million in debt financing from Square 1 Bank. The company will use the funds for growth efforts. Arsenal Capital Partners is a New York-based private equity firm.
Square 1 Bank, the exclusive banking partner to entrepreneurs and the venture capital community, is pleased to provide a $3.25 million debt facility to Breckenridge Insurance Group, a specialty underwriting manager and wholesale insurance broker. Arsenal Capital Partners, a New York-based private equity firm, is an investor in Breckenridge Insurance Group.
“We are very pleased with the performance of Breckenridge since we formed the company in 2009”
“We are very pleased with the performance of Breckenridge since we formed the company in 2009,” said Carty Chock, a Partner at Arsenal Capital Partners, who heads investing in financial services businesses. “This new credit facility will provide additional flexibility to Breckenridge for further expansion. We want to thank Square 1 for its support and partnership.”
Breckenridge Insurance Group CEO, Tracey Carragher said, “We have completed a series of strategic acquisitions in the past two years and we are pleased to have Square 1 as a partner to help us continue our accelerating growth.”
“We worked closely with Breckenridge management and Arsenal Capital to structure a deal that allowed the company to capitalize on its promising growth opportunities,” commented Dan Lee, SVP and Managing Director of Square 1 Bank’s Growth Finance East division. “In Breckenridge, Arsenal has once again assembled an industry-leading platform around a top tier management team. This represents the bank’s third deal with Arsenal, and we’re very happy to build on our productive relationship.”
About Breckenridge Insurance Group
Breckenridge Insurance Group is a specialty wholesale insurance broker, underwriting manager, program administrator and insurance services company. With offices in 14 U.S. cities and Australia, Breckenridge offers a full-range of commercial property-casualty insurance products, alternative risk transfer and insurance services. For more information, visit www.breckis.com.
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide solid support for its clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. To serve its relationships, Square 1 has offices coast to coast in Austin, Boston, Boulder, Durham, McLean, New York, San Diego, Santa Monica, Seattle, and Silicon Valley. For more information, visit www.square1bank.com.
About Arsenal Capital Partners
Arsenal Capital Partners is a leading New York-based private equity firm that invests in middle-market specialty industrial, healthcare and financial services companies. Arsenal makes investments in sectors where the firm has prior knowledge and experience, and targets businesses that have the potential for further value creation by working closely with management to accelerate growth and leverage the firm’s operational improvement capabilities. Arsenal currently has $800 million of committed equity capital.