Calgary-based Anthony Clark International Insurance Brokers Ltd. has closed a US$25 million secured debt-financing arrangement with U.S. lenders Bridge Healthcare Finance, LLC and Bridge Opportunity Finance LLC.

The two lenders have agreed to provide Addison York Insurance Brokers Ltd., a U.S. subsidiary of Anthony Clark, with a five-year term loan facility to repay existing debt of about US$7.5 million. The balance of the facility will also go toward funding future acquisitions within the U.S. The financing is a big step in Anthony Clark’s U.S. expansion plan.

Meanwhile, Mahesh Bhatia has been appointed to the position of chief financial officer, replacing Shelley Samec, who had to resign due to family commitments.

Anthony Clark International Insurance Brokers Ltd., founded in 1989, has expanded through internal growth and the acquisition of 23 general insurance brokerages and processes over US$86,000,000 ($107,000,000 CDN) in insurance premiums for its 63,000 customers.

Anthony Clark, founded in 1989, has expanded through internal growth and the acquisition of 23 general insurance brokerages and processes over $107 million in insurance premiums for its 63,000 customers.