Bermuda-based IPC Holdings, Ltd. has entered into a five-year, $500 million credit agreement with a syndicate of lenders. The credit agreement consists of a $250 million senior unsecured credit facility available for revolving borrowings and letters of credit, and a $250 million senior secured credit facility available for letters of credit. The revolving line of credit will be available for the working capital, liquidity and general corporate requirements of the company and its subsidiaries, according to a press release from IPC Holdings.

Wholly owned subsidiary IPCRe Limited, provides property catastrophe reinsurance and, to a limited extent, aviation, property-per-risk excess and other short-tail reinsurance on a worldwide basis.

The credit facility was arranged by Wachovia Capital Markets, LLC and HSBC Securities (USA) Inc., acting as joint lead arrangers and joint bookrunners.