Sirius Group Closes on $300 Million Senior Unsecured Revolving Credit Facility

By a News Reporter-Staff News Editor at Insurance Weekly News -- Sirius International Insurance Group, Ltd. ("Sirius Group") announced that, through its indirectly wholly-owned subsidiary Sirius International Group, Ltd., it has entered into a three-year, $300 million senior unsecured revolving credit facility ("Facility"). 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, and letters of credit to support insurance obligations under reinsurance agreements and retrocessional agreements of Sirius' principal operating subsidiaries, including Sirius Bermuda Insurance Company Ltd., Sirius International Insurance Corporation and Sirius America Insurance Company.

Commenting on the closing of the Facility, Allan Waters, President, CEO 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."

Keywords for this news article include: Business, Sirius International Insurance Group Ltd.

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