9.	LOANS PAYABLE

The Company’s long-term debt consists of loan facilities used to partially finance certain of the Company’s acquisitions or significant new business transactions along with loans outstanding in relation to the share repurchase agreements (the “Repurchase Agreements”) entered into with three of its executives and certain trusts and a corporation affiliated with the executives. The Company’s two outstanding credit facilities (its EGL Revolving Credit Facility and its term facility related to the Company’s 2011 acquisition of Clarendon National Insurance Company (the “Clarendon Facility”)), as well as the Repurchase Agreements, are described in Note 11 to the consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011.

On June 29, 2012, the Company fully repaid the outstanding principal and accrued interest of $118.0 million on its EGL Revolving Credit Facility. As of September 30, 2012, the unused portion of the EGL Revolving Credit Facility was $250.0 million.

As of September 30, 2012, all of the covenants relating to the two credit facilities were met.

Total amounts of loans payable outstanding, including accrued interest, as of September 30, 2012 and December 31, 2011 totaled $127.2 million and $242.7 million, respectively, and were comprised as follows:


Facility	Date of Facility		September 30, 2012		December 31, 2011
EGL Revolving Credit Facility		June 30, 2011	$	—	$	115,875
Clarendon Facility		July 12, 2011		106,500		106,500

Total long-term bank debt				106,500		222,375
Repurchase Agreements		October 1, 2010		18,667		18,667
Accrued interest on loans payable				1,991		1,668

Total loans payable			$	127,158	$	242,710

The final repayment of principal and accrued interest under the Repurchase Agreements is payable on December 1, 2012.