Thursday 1st May 2008
Insurance group taps banks for £150 million
UK-headquartered insurance and reinsurance group Brit Insurance Holdings has secured a revolving credit facility of £150 million led by the Royal Bank of Scotland. The FTSE 250 company says the five-year syndicated facility will help grow its domestic and international business operations.
The deal is heralded by Brit Insurance’s group finance director Matthew Scales as proof that significant funding is available for ‘quality credit’ despite a tightening of lending terms and lack of liquidity.
Scales adds: ‘Although the facility remains un-drawn at this time, it offers standby liquidity at our holding company, which in turn allows us to manage capital more efficiently across our operating companies.’
Brit Insurance has three business units: Brit Global Markets, Brit Reinsurance and Brit UK. All three have access to the two vehicles through which the group underwrites: Brit Insurance, a UK FSA-regulated insurance company, and Lloyd’s Syndicate 2987, managed by Brit Syndicates.
The firm has UK underwriting offices in nine cities including London, Reading, Birmingham, Glasgow and Manchester.
Nick Britton
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