Three-year facility provided by consortium of banks

Hiscox has secured a $750m syndicated three-year revolving credit and letter of credit facility.

Lloyds TSB Corporate Markets, the deal’s co-ordinating mandated lead arranger, put up $150m.

Other banks participating in the facility include Barclays, Commerzbank, Crédit Agricole and ING.

“It was crucial to work with banks that not only had an intricate knowledge of our business, but also of the insurance market,” said Stuart Bridges, chief financial officer at Hiscox, in a statement.

“Lloyds TSB, along with the other four banks involved in putting this deal together, has provided a competitive facility which will enable us to continue the development of our business.”