Lancashire Holdings Limited and its wholly owned subsidiary Lancashire Insurance Company Limited have entered into a $350m three year letter of credit facility.
The letters of credit will be used to support obligations under reinsurance liabilities of Lancashire Insurance Company Limited. The facility also has a $75m sub-limit for revolving loans which will be used for working capital and other corporate purposes.
Neil McConachie, chief financial officer and chief operating officer, said, “We are very pleased to have these leading financial institutions showing their support for the Lancashire group. This facility boosts the long-term financial flexibility and strength we have committed to our clients.”