Fairfax credit facility increased

Toronto-based Fairfax Financial Holdings is increasing the syndicated secured revolving letter of credit facility it entered into late last year by US$150 million.The facility, which now stands at US$450 million, was entered into last December to provide letters of credit for reinsurance contracts written by Fairfax’s nSpire Re for the benefit of the company’s other subsidiaries. Eleven banks are part of the syndicate.