Bermuda-based Goshawk Reinsurance Limited (Goshawk Re) has received a major capital boost.

Parent company, Goshawk Insurance Holdings plc has announced that it poured the proceeds of a $40 million credit facility from Barclays Bank PLC into its Bermudian subsidiary in December.

Goshawk Re commenced underwriting in January 2002 and, in its first six months, wrote premium income of ?36.4m, in line with expectations. It underwrites Marine XL, Non Marine, Marine Retrocession, Aviation XL and Finite Reinsurance.

Chris Fagan, Chief Executive of Goshawk, commented"We have increased Goshawk Re's capital and surplus to over $200 million to take advantage of current excellent trading conditions.

"The $40 million loan facility from Barclays Bank takes gearing in Goshawk to 19% and adds to our capital efficiency."