Insurance carrier Beazley Group, plc, said it would use its expanded credit line to grow operations in the United Kingdom and the United States.
The London Lloyd's syndicate said it has signed a ?150 million ($258 million) letter of credit and revolving credit facility agreement.
"The new credit facility will further enhance the group's financial strength and will be used to support growth, both in the U.K. and the U.S. markets," said Andrew Horton, finance director for Beazley, in a statement.
Beazley said the credit line would provide further underwriting capital to fund growth of Beazley's insurance activities at Lloyd's and Beazley Insurance Company Inc., its U.S. admitted lines insurance carrier.
The facility will replace an earlier ?70 million ($120 million) letter of credit and revolving credit facility from September 2004.
Beazley Group, plc, founded in 1986, is the parent company of specialist insurance businesses with operations in the UK and the United States. Beazley manages two Lloyd's syndicates
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.