Overland Park, Kan.-based agency franchisor Brooke Corp. announced that it has secured a $50 million loan from a multi-seller asset-backed commercial paper conduit sponsored by DZ BANK AG, headquartered in Frankfurt, Germany.
Michael Lowry, president of Brooke’s finance company subsidiary, said the money will be used to fund loans made to franchisees of Brooke’s franchise subsidiary, primarily for the purpose of acquiring established independent insurance agencies.
Brooke said it has a network of 327 franchise locations and a loan portfolio of more than $141 million.
Was this article valuable?
Here are more articles you may enjoy.
Grand Jury Declines to Indict Man in Fatal Shooting at Kentucky State University 
Abundant Reinsurance Capacity Accelerates Market Softening During 1/1 Renewals 
CEO Sentenced in Miami to 15 Years in One of the Largest Health Care Fraud Cases 
Howden US Tells Judge Brown & Brown Employees Fled Due to ‘Mistreatment’ 
