AXIS Capital Holdings Limited has signed a $1.5 billion syndicated credit agreement.The renewal agreement is an unsecured five-year facility to allow the Bermuda-based company to issue letters of credit up to the full amount of the facility and to borrow up to $500 million for general corporate purposes.

J.P. Morgan Securities Inc. acted as joint lead arranger, joint bookrunner and administrative agent. Barclays Bank plc acted as joint lead arranger, joint bookrunner and syndication agent. Citibank, N.A., ING Bank N.V., Wachovia Bank, N.A., Calyon New York Branch, HSBC Bank USA, N.A., Lloyds TSB Bank plc and The Royal Bank of Scotland plc acted as co-documentation agents.

Andrew Cook, CFO of AXIS Capital, said: "We are very pleased to have these leading financial institutions showing their continued support of the long-term strategic goals of AXIS Capital. On renewal, they have not only doubled the existing facility's capacity but also extended their commitment to AXIS Capital to five years. With this facility, we continue to enhance the financial flexibility and strength that we have committed to our clients for the long-run."