Bay Harbor Reinsurance Company, a provider of reinsurance solutions for the US Property and Casualty market, has established a new $50 million letter of credit facility with Barclays Bank PLC.
The agreement includes provisions that could potentially increase the facility to $150 million.
This new facility underscores Bay Harbor’s strong position in the market and its dedication to providing long-term support to its clients, the firm stated.
Chris O’Connor, Chief Financial Officer of Bay Harbor, said: “We are excited to announce our new facility with Barclays, which strengthens our ability to support reinsurance programs and provide stability to our partners, including insurance carriers, MGAs, and captives.
“It allows us to maintain diverse financial flexibility required to pursue growth opportunities while ensuring we continue to meet the needs of our cedants and brokers.”
Bay Harbor Reinsurance Company, based in the Cayman Islands with offices in Florida,offers a flexible and comprehensive approach to reinsurance.
The company leverages its deep industry knowledge to develop customized risk management solutions.
Bay Harbor’s financial position is strengthened by secure credit lines from trusted banking partners, all approved by the NAIC.
