Max Re Capital Ltd. has entered into a five-year, $350 million secured letter of credit and a three-year $100 million unsecured revolving credit/letter of credit facility with a consortium of leading financial institutions.

Banc of America Securities LLC acted as sole lead arranger and book manager and joins National Association, Citibank, NA, ING Bank NV, Barclays Bank Plc, The Bank of New York, HSBC Bank USA, National Association, Wachovia Bank, National Association and Webster Bank, National Association in the consortium of lenders. Chairman and CEO of the Bermuda-based reinsurer, Robert Cooney, said: "We are pleased to have entered into this facility with such strong financial partners and are appreciative of the long-term commitment they have extended to us. This facility provides Max Re with significant financial flexibility, liquidity, and letter of credit capacity to support our operations."

Max Re executives to speak in New York

Max Re Capital Ltd. said yesterday that Keith S. Hynes, executive vice president and chief financial officer, and N. James Tees, senior vice president and treasurer, will speak at the Morgan Stanley Small Cap Conference being held at the Ritz Carlton New York from June 13-15.

Arch Insurance signs on for new programme

Arch Insurance Group has joined with the United States' eighth largest independent insurance intermediary in a new programme for management and placement of public entity professional liability insurance including public officials, educators, legal and law enforcement liability. The programme from Brown & Brown Public Entity Services, a division of Program Management Services, Inc., a subsidiary of Brown & Brown, Inc is available immediately in all 50 states. Mark Dillard, the former lead underwriter with the US Risk, LP Governmental Programs Division, along with his team, will manage the Arch programme out of Public Entity Services' Dallas, Texas office.

Shane Caldwell, who has overall responsibility for Public Entity Services, said, "We are excited about our partnership with Arch.

"The financial security and stability offered by Arch, coupled with the underwriting expertise and distribution of Brown & Brown Public Entity Services, will provide public entities and their agents with a much needed alternative in this difficult market."

Frederico: 'Confirmation of our progress'

Standard & Poor's (S&P) has affirmed the 'AAA' financial strength rating for Assured Guaranty Corp. (AGC), the direct financial guaranty insurance subsidiary of Bermuda-based Assured Guaranty Ltd.

S&P also raised AGC's outlook to stable from negative.

Dominic Frederico, president and chief executive officer of Assured Guaranty Ltd. said: "S&P's announcement is a confirmation of our progress in achieving our strategic goals for our direct platform and represents the latest of our many accomplishments since our initial public offering. Now that AGC is rated 'AAA' with a stable outlook by both S&P and Fitch, two of the world's leading credit rating agencies, we are well positioned to continue the expansion of our direct operations."

Hirigoyen named VP at reinsurance broker

Minneapolis-based reinsurance broker John B. Collins Associates has named Patrick Hirigoyen vice president-marketing and communications.

Collins is one of the world's leading reinsurance brokers, serving clients in the property-casualty, life, and accident and health insurance markets and has offices in Bermuda and London as well as across the United States. Mr. Hirigoyen's responsibilities include corporate communications, advertising and media relations strategies and programmes.