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

PR Newswire

HAMILTON, Bermuda, Feb. 9, 2018 /PRNewswire/ -- Sirius International Insurance Group, Ltd. ("Sirius Group") today 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."

Wells Fargo Securities, LLC and JPMorgan Chase Bank, N.A. acted as joint lead arrangers and joint book-runners for the Facility.

Sirius Group is a Bermuda based holding company with (re)insurance operating companies in Bermuda, Stockholm, New York and London. Utilizing disciplined and professional underwriting, superior risk evaluation and best-in-class pricing technology, Sirius Group's subsidiaries provide multi-line (re)insurance capacity in over 140 countries, including lead capacity for property, accident & health and other exposures. Additional information is available at Sirius Group's website located at www.siriusgroup.com.