Bermudian-based insurer and reinsurer Sirius Group has entered into a $300 million revolving credit facility.
The senior, unsecured facility will give Sirius access to loans for working capital and general corporate purposes, and letters of credit to support insurance obligations under reinsurance agreements and retrocessional agreements of Sirius’, principal operating subsidiaries, including Sirius Bermuda Insurance Company Ltd, Sirius International Insurance Corporation and Sirius America Insurance Company.
Allan Waters, chairman and chief executive officer of Sirius Group, said: “We are very pleased with the support and confidence shown by members of our bank group, as well as the terms of our inaugural facility, which we believe are reflective of our strong financial profile.
“This facility further enhances our liquidity position and strengthens our balance sheet as we continue to grow our company.”
Wells Fargo Securities and JPMorgan Chase Bank acted as joint lead arrangers and joint book-runners for the facility.
Sirius Group is a Bermudian-based holding company with insurance and reinsurance operating companies in Bermuda, Stockholm, New York and London.