XL Catlin Insurance Company UK Ltd. offers property and casualty insurance products to businesses and professionals. It underwrites professional indemnity, directors’ and officers’ liability, professional indemnity, general liability, commercial property, and commercial crime classes of insurance to smaller to medium size commercial clients. The company also offers coverage for oil wells, jumbo jets, and satellites. It offers its products through a network of regional insurance brokers. XL Catlin Insurance Company UK Ltd. was formerly known as Catlin Insurance Company (UK) Ltd. and changed its name to XL Catlin Insurance Company UK Ltd. in March 2018. The company was incorporated in 2005 and...
20 Gracechurch Street
London, EC3V 0BG
Founded in 2005
XL-Bermuda Enters into New Secured Credit Agreement
Aug 9 16
On August 5, 2016, XL-Bermuda, together with its wholly-owned subsidiaries XL-Cayman, X.L. America, Inc., XL Bermuda Ltd, XL Insurance Company SE, XL Re Europe SE, XL Life Ltd, Catlin Insurance Company (UK) Ltd., and Catlin Re Switzerland Ltd., entered into a new secured credit agreement with the lenders thereunder, The Bank of Tokyo-Mitsubishi UFJ Ltd., as administrative agent, and The Bank of New York Mellon, as collateral agent, and a new unsecured credit agreement with the lenders thereunder and The Bank of Tokyo-Mitsubishi UFJ Ltd., as administrative agent. In connection with the New Credit Agreements, the company's existing secured credit agreement dated as of November 22, 2013, among the company, certain of its wholly-owned subsidiaries, the lenders thereunder, The Bank of New York Mellon, as collateral agent and JPMorgan Chase Bank, N.A. as administrative agent, as amended and otherwise modified, including pursuant to amendments dated as of February 11, 2015, May 1, 2015 and May 4, 2016, and existing unsecured credit agreement dated as of November 22, 2013 among the Company, certain of its wholly-owned subsidiaries, the lenders thereunder and JPMorgan Chase Bank, N.A. as administrative agent, as amended and otherwise modified, including pursuant to amendments dated as of February 11, 2015, May 1, 2015 and May 4, 2016, as well as certain related security arrangements were terminated and all outstanding amounts thereunder were repaid. The New Secured Credit Agreement provides for issuances of letters of credit up to $750,000,000. The New Unsecured Credit Agreement is a $750,000,000 facility that provides for issuances of letters of credit and revolving credit loans. The company has the option to increase the available commitments by an additional $250,000,000, subject to customary conditions. Interest and fees payable under the New Credit Agreements are determined pursuant to the terms set in each respective New Credit Agreement. The commitments under each New Credit Agreement commenced on August 5, 2016 and will expire on the earlier of August 5, 2021 and the date of termination in whole of the commitments upon an optional termination or reduction of the commitments by the Account Parties or in connection with the occurrence of certain events of default. The availability of letters of credit under the New Secured Credit Agreement is subject to a borrowing base requirement, determined on the basis of specified percentages of the face value of eligible categories of assets varying by type of collateral. The obligations of each of the Account Parties party to the New Secured Credit Agreement are secured by cash and certain designated securities contained in a designated collateral account of such Account Party that are pledged to the Collateral Agent by such Account Party pursuant to a pledge agreement and a collateral account control agreement.