Arch Capital signs up for US$300mn credit
Bnamericas Published: Wednesday, September 17, 2003
Bermuda-based insurer Arch Capital Group (Nasdaq:ACGL) announced it had entered into an unsecured US$300mn credit facility with a syndicate of banks led by US-based JPMorgan and Bank of America. The new bank facility, which is in the form of a 364-day revolving credit agreement with an option to convert that into a two-year term loan at expiration, will provide the company with capital to support its growing insurance and reinsurance businesses. Arch added that credit would also be used to support "other general corporate purposes". Arch Capital Group has some US$1.6bn in equity capital and provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.
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