Calgary, Alberta, Canada-based Anthony Clark International Insurance Brokers Ltd., has announced the sale by its United States subsidiaries Addison Low Cost Insurance Brokers Ltd. and Addison Bay Insurance Brokers Ltd. of the fixed assets and customers accounts of the Southern California Agency locations. The company said it wanted to sell its non-performing assets to better focus its resources on the company’s other existing U.S. locations and potential new U.S. locations to be acquired.
The Southern California Agency represented approximately 18 percent of the consolidated revenues and approximately 22 percent of the debt. In conjunction with the sale, effective the closing date, the lenders will extinguish (retire) the remaining balance of the debt and terminate and release all liens granted under the loan documents.
With locations in Alberta and on the east and west coasts of the United States, Anthony Clark offers auto, truck, motorcycle, home, condo, renters, commercial vehicle, businesses, recreational vehicle, boat and farm insurance.
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