HG Global Closes New $150M Credit Facility
In a filing with the Bermuda Stock Exchange, White Mountains Insurance Group announced that HG Global closed a new $150 million, 10-year term loan credit facility with Hudson Structured Capital Management Ltd, [conducting its re/insurance business as HSCM Bermuda] and Security Benefit Life Insurance Company.
The filing stated: “HG expects to receive the proceeds of the loan on or prior to May 31, 2022. A portion of the proceeds of the loan will be used to pay a $120 million dividend to White Mountains Insurance Group, Ltd. and the other equity holders of HG. The facility received an investment grade rating of BBB from Kroll Bond Rating Agency, LLC. The facility does not impact the reinsurance obligations of HG Re Ltd.”
