KIRS Group (UK)

2017

Private

Status: Performing

All payments are on time

All covenants met

BACK TO MARKET


Amount

£400,000,000

Current Yield

8.3%

*
Estimated Yield to Maturity

8.1%

**
Maturity Date

15 Jul 2023

Interest Payment Frequency

6m

Next interest payment

15 Jan 2018

Asset Security

First ranking charge over company assets

Industry Type

Insurance

Next Call

15 July 2020 at 104.1875
15 July 2021 at 102.09375
15 July 2022 at 100

ISIN

XS1623760128


Business Description

KIRS Group Limited is the holding company for the coming together of Towergate Insurance, Ryan Direct Group, Autonet Insurance Group, Chase Templeton and Price Forbes. By bringing these companies together KIRS aims to become the UK’s leading independent diversified insurance Group and intermediary with global reach. Towergate handles more than £3bn of gross written premium for 200 specialist insurance products from beach huts to boats; surgeries to school fetes; actors and architects to soldiers and sailors. It has grown since 1997 to employ over 4,000 people. Price Forbes was founded in 1897 and is an independent insurance broker and re-insurance advisor. Autonet Insurance Group is an Insurance Broker, established in 1998 and has grown to become one of the UK's largest insurance brokers with a turnover in excess of £130 million. Chase Templeton was founded in 2002 and has grown to become a major force in the UK private health insurance and the group risk market with over £150m in premium income written annually. Ryan Direct Group has for over 20 years provided end-to-end insurance services include everything from product development, sales and distribution and compliance through to claims validation and policy administration.


Capital Structure

Source: Public company information
* An asterisk next to an item indicates there is additional information available if you hover over it. You can also find a definition of the terms used on this page in our Glossary here
Based on Book value of Equity from Offering Memorandum in June 2017

Information

KIRS Presentation


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* This is the estimated return an investor can expect to receive over the next 12 months expressed in percentage terms. It is the sum of the expected interest payments over the year and where the coupon is partly dependent on Libor uses market based Libor forecasts at each coupon date and also takes into account the Note's current price. It is gross of taxation and our Service Fee. The current yield is therefore an estimated return only and is not guaranteed and may be revised in the future.
** This is an estimated annualised return gross of taxation and our Service Fee assuming the investment is held to maturity. It equates the present value of expected future interest payments of a Note into an annual yield across its life relative to the Note's current price. Where the interest coupon is partly dependent on Libor it uses market based forecasts of Libor and assumes that all interest is re-invested at a rate equal to the Yield to Maturity. For floating rate coupons because current market based forecasts are for Libor to increase in future years the calculation of Yield to Maturity assumes the interest paid to investors will be higher in future years. However, there is no guarantee that the Bank of England will raise interest rates or that Libor will increase as a result. In addition, any changes to the financial circumstances of the company or changes in the economic terms of the underlying loan could also impact future interest payments. The Yield to Maturity is therefore an estimated return only and is not guaranteed.

Status: Performing


Notes:

The company currently has no outstanding notes.

Capital at risk. No FSCS cover. See Risk Statement.

 

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