Scottish Re Group Ltd. has lined up $200 million in financing from a group of lenders led by a unit of Bank of America Corp., Charlotte, N.C.[@@]
Scottish Re, Hamilton, Bermuda, says the unsecured, 3-year credit agreement will expand its ability to borrow money and issue letters of credit. Scottish Re has an option to increase the principal amount of the credit facility to $300 million, the company says.
The new credit facility replaces a smaller facility that had a term of only 364 days, according to Scottish Re executives.
In separate news, the life reinsurer has announced the retirement of Elizabeth Murphy, the company’s chief financial officer.
Murphy plans to leave Dec. 31, and Scottish Re hopes to announce the name of her successor Aug. 3, the company says.
Murphy, formerly the treasurer of ACE Ltd., Hamilton, began working for Scottish Re in April 2002.