A firm which provides capital loans to insurance agencies said it has arranged to bulk up its own capital by $260 million.
Oak Street Funding in Indianapolis said the capital was secured with loans from Frankfurt/Main-based DZ Bank AG, Deutsche Zentral-Genossenschaftsbank and Boston-based NewStar Financial.
Susan Miller, an Oak Street spokesperson, said the company, in business since 2003, has helped 427 agencies who would rather take a loan out than sell a book of business to raise capital. Borrowing agencies redirect their policy commissions to Oak Street until they have repaid the loan, she explained.
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