AXIS Capital extends $250 million letter-of-credit facility to 2019

By Marisa Wong

Morgantown, W.Va., April 3 – AXIS Capital Holdings Ltd. subsidiaries AXIS Specialty Ltd., AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Co., AXIS Surplus Insurance Co. and AXIS Reinsurance Co. amended on March 28 their existing $250 million secured letter-of-credit facility under their $750 million secured LoC facility with Citibank Europe plc, according to an 8-K filing with the Securities and Exchange Commission.

The subsidiaries extended the expiration date of the $250 million facility to March 31, 2019 for letters of credit with a tenor not to extend beyond March 31, 2020.

The terms and conditions of the additional $500 million secured LoC facility are unchanged.

AXIS is a Pembroke, Bermuda-based holding company for specialty reinsurance.

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