Beazley Signs $258 Million Letter of Credit Facility

The U.K.’s Beazley Group plc, a leading Lloyd’s insurer and U.S. specialty lines carrier, has announced the conclusion of a £150 million ($258 million) letter of credit and revolving credit facility.

“The facility will provide further underwriting capital to fund growth of Beazley’s insurance activities at Lloyd’s and Beazley Insurance Company Inc., its US admitted lines insurance carrier,” said the bulletin. It will replace an earlier £70 million ($120.3 million) letter of credit and revolving credit facility dated 3rd September 2004.
“The availability period will allow for letters of credit to be issued for the 2006 and 2007 years of account and the revolving credit facility has an availability period of 3 years,” the announcement continued

Beazley’s U.S. operation is headquartered in Farmington, Conn. At the end of 2004 it acquired Omaha Property and Casualty Insurance Company, a 50 state U.S. admitted insurer. Beazley’s U.S. business, which is separate from its Lloyd’s syndicates, specializes in small and middle-market specialty lines, mainly covering fiduciary liability and EPLI.