Prosenor Correduría de Seguros

Presentation of the company

Created in 2007, Prosenor Correduria de Seguros S.L. is active in the Insurance brokerage sector. The company, managed by Antonio José Roldan Rodriguez, has 10 employees and is based in Madrid.

The company’s main activities are:

• Intermediates between the insurance company and the policyholder.
• Search the insurance that best suits the client’s needs.

The company works with a wide customer base of companies (80%) and individuals (20%).

Project Description

The company requests a loan of 80 000 € over 36 months to finance the reorganization of its workforce. This project will be realised next month.

This project is a Flexible Bridge Loan, an amortizable loan with a standard commitment for the first 9 months and the possibility of early repayment at no cost for the remainder of the loan term, even in the event of refinancing by other financial institutions.

The amount offered on the platform is limited to 39 200€, which is in line with the regulatory limits.

Analyst’s Opinion

With a turnover of 577 076 € in 2017 and an experienced team, the company has a good track record combined with a two-digits operating margin.

In 2015 the company experienced several one-off expenses due to an internal reorganization. In 2017, decrease of turnover is related to a switch of client portfolio. In 2018, turnover is in line with historical level. The forecast is based on the performance in 2017.

The borrower has an excellent repayment capacity with a forecast FCCR (Fixed Charge Cover Ratio *) at 1.36 and a good financial structure with a positive cash balance.

The analysis of the project leads to a credit rating of B and a 5.5% annual interest rate.

Strong points:

• Good historical performance based on diversified client base.
• Good repayment ability with a forecasted FCCR of 1.36.
• Long-lasting relation with its customer base: very recurrent business.

Points of caution:

• Strong competition in the sector.

*The multiple of FCCR at 1.36 means that the company has a safety margin of 36% relative to its ability to repay its credit maturities.

The expert opinion is given as an indication on the basis of the elements provided by the project holder and information from our databases (Informa, Asnef). This opinion is only an element of reflection in the decision making of a lender to participate in the financing of a project.