🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Arch Capital expands credit facility by $170 million

Published 11/05/2024, 05:16 AM
ACGL
-

Arch Capital Group Ltd. (NASDAQ:ACGL), a Bermuda-based insurer, has increased its letter of credit facility by $170 million, according to a recent SEC filing. The amendment to the credit agreement, executed on October 30, 2024, with Lloyds (LON:LLOY) Bank Corporate Markets plc, raises the available credit to $700 million.

The expansion of the facility represents a significant increase from the previous amount of $530 million. As of October 31, 2024, the full $700 million of letters of credit had been issued under the facility. This move could provide Arch Capital with additional financial flexibility.

The credit facility amendment, referred to as Amendment No. 4, follows a series of previous amendments to the original Letter of Credit Facility Agreement dated November 3, 2020. The details of the amendment were outlined in an 8-K filing with the SEC.

Arch Capital's decision to expand its credit facility comes as the company continues to navigate the complex financial landscape of the insurance industry. The increase in the facility size may be used to support the company's ongoing operations, strategic initiatives, or other corporate purposes.

For more details on the terms of the credit agreement, reference can be made to the full text of the amended agreement, which is included as an exhibit in the 8-K filing. The filing also notes that certain parts of the exhibit have been omitted in accordance with SEC regulations, but Arch Capital has committed to providing supplemental information to the SEC upon request.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.