Allied World cuts commitment under credit facility by $300 million

By Marisa Wong

Madison, Wis., Nov. 17 –Allied World Assurance Co. Holdings, Ltd., a subsidiary of Allied World Assurance Co. Holdings, AG, permanently reduced the aggregate commitment under its credit agreement dated June 7, 2012 to $150 million from $450 million, according to an 8-K filing with the Securities and Exchange Commission.

Allied World gave notice of the reduction to the administrative agent under its amended and restated credit agreement on Nov. 12. The change is effective as of Nov. 17.

Citibank, NA is the syndication agent for the lenders; and Wells Fargo Bank, NA is the administrative agent, letter-of-credit agent and fronting bank.

All other material terms of the credit agreement remain unchanged.

The insurance and reinsurance company is based in Zug, Switzerland.

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