Irish property-casualty insurer XL Group plc, with operations in Hartford, re-signed for a $1 billion credit line with lead lenders J.P. Morgan Chase Bank and The Bank of New York Mellon, a regulatory filing shows.
XL and its insurance and reinsurance affiliates also have the option to boost the credit line by another $500 million, according to XL’s 8-K filing with the Securities and Exchange Commission.
J.P. Morgan is the administrative agent, while BNY Mellon is the collateral agent, the filing said.
The new credit pact, which expires March 25, 2014, requires that certain XL affiliates, among other things, maintain a financial strength rating of no less than “A-” from A.M. Best & Co., the filing said.
