FMP INSURANCE SERVICES BROKER DEAL WITH SCOTIA BANK
Scotia Bank have contracted European Commercial Insurance Brokers FMP Insurance Services with a consortium of insurers to secure their investors for a number of unlisted debt securities. The panel of re-insurers contains a list of household names including, Aon, Axa, Hiscox, AIG and RSA for coverage totaling close to $700 Million. Projects are for commercial deals into the commercial property sector.
It is understood that the re-insurance cover could rise to in excess of $3 Billion in the next three years. Anthony Steward of FMP Insurance Services explains “there is a real lack of lending from financial institutions due to increased solvency requirements imposed on institutions in the last few years. Post credit crunch banks do not have the same appetite for commercial lending. Consequently developers are finding alternative solutions for raising finance. We have seen a proliferation of bonds approaching investors to bridge this lending deficit. Whilst a number of small scale developers approach high street investor directly, the larger developers seek additional assistance from insurers. They realize that by offering capital protection they can unlock far more capital for development. Essentially banks will give them further finance as they still take first charge, whilst investors get the security of a panel of re-insurers for added protection. This represents a far more cost effective solution for raising finance.”
Currently, this sector of insurance has increased significantly in the past five years. Insurers have taken advantage of a tightening of banking regulation and they have swooped in to fill the void, in what has become a very profitable sector. FMP Insurance Services currently has a number of large banking clients including, ABN Amro, RBC Capital Markets and Credit Agricole.
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