Cox Insurance Holdings has raised £90m in the syndicated loan market to increase the capacity of its Lloyd's syndicates and its contingency and working capital.

The funds, which came through joint arrangers HSBC Investment Bank and Natwest City Markets, came as a £30m five-year revolving credit facility and a £60m five-year loan.

Group treasurer Paul Leacy said work on the deal started in mid-November.

He said it extended the size and repayment conditions of previous £50m and £30m loans Cox already held.

The £60m will in part be used to increase Cox Syndicate Management's capacity and the £30m for contingency and working capital.