Bermuda’s AXIS Specialty Limited announced that it has entered into a credit agreement with a syndicate of lenders for an unsecured 364 day revolving facility that allows the Company to issue up to $375 million of letters of credit and borrow up to $50 million for general corporate purposes with any combination of utilization being capped at $400 million.
“J.P. Morgan Securities Inc. acted as Lead Arranger and Bookrunner while Barclays Bank PLC, Comerica Bank, ING Bank N.V. and Wachovia Bank each acted as Co-Syndication Agents,” said the announcement.
AXIS, one of a number of new Bermuda-based insurers and reinsurers, was established last year by Trident II, L.P. an investment fund managed by MMC Capital, a unit of MarshMac, and other investors, with $1.6 billion in capital. It focuses on reinsurance and specialty lines.
John Charman, President and CEO stated that “We are extremely pleased with the quality and caliber of the banks that participated in the syndication. We firmly believe that their commitments to AXIS are a further testament to our goal of establishing ourselves as one of the premier global specialty underwriting businesses. This facility is yet another tool that we can use to effectively service our client base.”|”axis, announces, $400, million, credit, agreement
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