Sirius International Insurance Group has announced that it’s entered into a three-year, $300 million senior unsecured revolving credit facility through its subsidiary Sirius International Group.
Sirius said that although there was no immediate drawdown under the facility at closing, the facility will provide access to loans for working capital and general corporate purposes.
In addition, it will offer letters of credit to support insurance obligations under reinsurance agreements and retrocessional agreements of Sirius’ principal subsidiaries; Sirius Bermuda Insurance Company, Sirius International Insurance Corporation and Sirius America Insurance Company.
Commenting on the closing of the Facility, Allan Waters, President, Chief Executive Officer and Chairman 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.”
