Sirius Group secures $300m credit facility

Bermuda-based Sirius International Insurance Group has entered into a three-year $300 million senior unsecured revolving credit facility through its indirectly wholly-owned subsidiary Sirius International Group.

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.

“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,” said Sirius Group CEO Allan Waters. “This facility further enhances our liquidity position and strengthens our balance sheet as we continue to grow our company.”

Sirius Group is a Bermuda based holding company with re/insurance operating companies in Bermuda, Stockholm, New York and London. Sirius’ subsidiaries provide multi-line re/insurance capacity in over 140 countries, including lead capacity for property, accident & health and other exposures.

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