White Mountains Insurance Group Ltd has announced that HG Global Ltd has closed a $150 million, 10-year term loan credit facility with Hudson Structured Capital Management Ltd, conducting its re/insurance business as HSCM Bermuda, and Security Benefit Life Insurance Company.

The Bermudian-domiciled financial services holding company said HG expects to receive the proceeds of the loan on or prior to May 31.

A portion of the proceeds of the loan will be used to pay a $120 million dividend to White Mountains Insurance Group Ltd and the other equity holders of HG.

The facility received an investment grade rating of BBB from Kroll Bond Rating Agency LLC.

The facility does not impact the reinsurance obligations of HG Re Ltd, White Mountains said.