XML 25 R14.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Debt and Credit Facilities | 6 Months Ended
--- | ---
Jun. 30, 2017
Debt Disclosure [Abstract] |
Debt and Credit Facilities | DEBT AND CREDIT FACILITIES Except as noted below, there have been no material changes to the Company’s debt and credit facilities as described in its Form 10-K for the year ended December 31, 2016. Debt Obligations A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:
|  | June 30, 2017 |  | December 31, 2016 |
|  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |
| 3.450% Senior Notes due 2027 | $ | 296,400 |  |  | $ | 295,053 |  |  | $ | — |  |  | $ | — |  |
| 3.700% Senior Notes due 2025 | 300,327 |  |  | 297,132 |  |  | 291,750 |  |  | 296,948 |  |
| 5.75% Senior Notes due 2020 | 268,228 |  |  | 249,106 |  |  | 270,875 |  |  | 248,941 |  |
| Series B 7.50% Senior Notes due 2017 | — |  |  | — |  |  | 257,500 |  |  | 255,352 |  |
| 4.750% Senior Notes due 2025 (DaVinciRe) (1) | 156,386 |  |  | 147,575 |  |  | 144,675 |  |  | 147,422 |  |
|  | $ | 1,021,341 |  |  | $ | 988,866 |  |  | $ | 964,800 |  |  | $ | 948,663 |  |
(1) | RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.
3.450% Senior Notes due 2027 of RenaissanceRe Finance On June 29, 2017, RenaissanceRe Finance issued $300.0 million of its 3.450% Senior Notes due July 1, 2027, with interest on the notes payable on July 1 and January 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to April 1, 2027. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. The net proceeds from the offering of the notes are to be used for general corporate purposes. Series B 7.50% Senior Notes due 2017 of Platinum Underwriters Finance, Inc. On June 1, 2017, the Company repaid in full at maturity an aggregate principal amount of $250.0 million, plus applicable accrued interest, of its Series B 7.50% Senior Notes due 2017 assumed in connection with the acquisition of Platinum and originally issued by Platinum Underwriters Finance, Inc. Credit Facilities The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:
| At June 30, 2017 | Issued or Drawn |
| RenaissanceRe Revolving Credit Facility | $ | — |  |
| Uncommitted Standby Letter of Credit Facility with Wells Fargo | 105,892 |  |
| Uncommitted Standby Letter of Credit Facility with NAB | 4,525 |  |
| Bilateral Letter of Credit Facility with Citibank Europe | 206,383 |  |
| Funds at Lloyd’s Letter of Credit Facilities |  |
| Renaissance Reinsurance FAL Facility | 180,000 |  |
| Total credit facilities in U.S. dollars | $ | 496,800 |  |
| Funds at Lloyd’s Letter of Credit Facilities |  |
| Specialty Risks FAL Facility | £ | 10,000 |  |
| Total credit facilities in British Pounds | £ | 10,000 |  |
Funds at Lloyd’s Letter of Credit Facilities Effective as of May 25, 2017, Renaissance Reinsurance entered into an amendment to its letter of credit facility with Bank of Montreal (“BMO”), Citibank Europe plc, (“CEP”), and ING Bank N.V. (“ING”) as lenders (the “Renaissance Reinsurance FAL Facility”), which provided for the issuance by the lenders of two letters of credit to support business written by Syndicate 1458 with stated amounts of $380.0 million and £90.0 million, respectively. Pursuant to the amendment, the stated amount of the $380.0 million letter of credit was reduced to $180.0 million and the £90.0 million letter of credit was cancelled. In addition, pursuant to the amendment, Renaissance Reinsurance may request that the Renaissance Reinsurance FAL Facility be amended to increase the stated amount of the letter of credit, or issue a new letter or credit denominated in Pounds, in an aggregate amount for all such increases or issuances not to exceed $75.0 million or the equivalent thereof. All other terms and conditions of the Renaissance Reinsurance FAL Facility remained the same.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration