Beazley Group has said it has signed a £150m letter of credit and revolving credit facility to provide further underwriting capital.
Beazley said the capital would be used to fund the growth of Beazley's insurance activities at Lloyd's and Beazley Insurance Company, its US admitted lines insurance carrier.
The facility will replace an earlier £70m letter of credit and revolving credit facility dated 3rd September 2004.
The company said 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.
It added that letter of credit commission and the loan margin are 1.50% p.a.
