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Debt and Credit Facilities | 3 Months Ended
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Mar. 31, 2019
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 obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2018. Debt Obligations A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:
|  | March 31, 2019 |  | December 31, 2018 |
|  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |
| 3.450% Senior Notes due 2027 | 294,450 |  |  | 295,920 |  |  | 283,680 |  |  | 295,797 |  |
| 3.700% Senior Notes due 2025 | 297,801 |  |  | 297,779 |  |  | 292,557 |  |  | 297,688 |  |
| 5.750% Senior Notes due 2020 | 256,055 |  |  | 249,683 |  |  | 255,938 |  |  | 249,602 |  |
| 4.750% Senior Notes due 2025 (DaVinciRe) (1) | 145,671 |  |  | 148,117 |  |  | 142,539 |  |  | 148,040 |  |
| Total senior notes | 993,977 |  |  | 991,499 |  |  | 974,714 |  |  | 991,127 |  |
| RenaissanceRe Revolving Credit Facility (2) | 200,000 |  |  | 200,000 |  |  | — |  |  | — |  |
| Total debt | $ | 1,193,977 |  |  | $ | 1,191,499 |  |  | $ | 974,714 |  |  | $ | 991,127 |  |
(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.
(2) | The drawn amount of the Company’s revolving credit facility is included on the Company’s consolidated balance sheets under debt and is also included in the table below as part of the Company’s significant credit facilities. The amount was drawn in connection with the TMR Stock Purchase. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the TMR Stock Purchase.
3.600% Senior Notes Due 2029 On April 2, 2019, the Company issued $400.0 million of its 3.600% Senior Notes due April 15, 2029. The net proceeds from this offering were used to repay, in full, the $200.0 million outstanding under the Company’s revolving credit facility at March 31, 2019, which the Company used to partially fund the purchase price for the TMR Stock Purchase, and the remainder of the net proceeds will be used for general corporate purposes. See “Note 3. Acquisition of Tokio Millennium Re” for additional information regarding the acquisition of the TMR Group Entities and “Note 17. Subsequent Events” for additional information regarding the issuance, subsequent to March 31, 2019, of the Company’s 3.600% Senior Notes Due 2029. Credit Facilities The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:
| At March 31, 2019 | Issued or Drawn |
| RenaissanceRe Revolving Credit Facility (1) | $ | 200,000 |  |
| Uncommitted Standby Letter of Credit Facility with Wells Fargo | 32,009 |  |
| Secured Letter of Credit Facility with Citibank Europe | 238,956 |  |
| Renaissance Reinsurance FAL Facility | 255,000 |  |
| Mizuho Letters of Credit (2) | 385,975 |  |
| Mitsubishi Letters of Credit (2) | 205,956 |  |
| Credit Suisse Letter of Credit Facility | 75,097 |  |
| Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe (3) | — |  |
| Total credit facilities in U.S. dollars | $ | 1,392,993 |  |
| Specialty Risks FAL Facility (3) | £ | — |  |
| Total credit facilities in pound sterling | £ | — |  |
(1) | The drawn amount of the Company’s revolving credit facility is included on the Company’s consolidated balance sheet under debt and is also included in the table above as part of the Company’s significant credit facilities. The amount was drawn as a result of the acquisition of the TMR Group Entities. See “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.
(2) | These letters of credit were transferred to the Company in connection with the acquisition of the TMR Group Entities. See below under “TMR Group Entities Letters of Credit” for additional information and “Note 3. Acquisition of Tokio Millennium Re” for additional information related to the acquisition of the TMR Group Entities.
(3) | At March 31, 2019, no amounts were issued or drawn under these facilities.
Uncommitted, Unsecured Letter of Credit Facility with Citibank Europe On March 22, 2019, Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RenaissanceRe Europe and Citibank Europe Plc (“CEP”) entered into a Master Agreement for Issuance of Payment Instruments (the “Master Agreement”) and a Facility Letter for Issuance of Payment Instruments (the “Facility Letter” and, together with the Master Agreement, the “Citi Unsecured Facility”). On April 26, 2019, RenaissanceRe UK Limited (together with Renaissance Reinsurance, RenaissanceRe Specialty U.S., Renaissance Reinsurance U.S. and RenaissanceRe Europe, the “Citi Unsecured Applicants”) became a party to the Citi Unsecured Facility. The Citi Unsecured Facility is an uncommitted, unsecured letter of credit facility pursuant to which CEP or one of its correspondents may issue standby letters of credit or similar instruments in multiple currencies for the account of one or more of the Citi Unsecured Applicants. The obligations of the Citi Unsecured Applicants under the Citi Unsecured Facility are guaranteed by the Company. In the Master Agreement, each Citi Unsecured Applicant makes representations and warranties that are customary for facilities of this type and agrees that it will comply with certain informational and other customary undertakings. The Master Agreement contains events of default customary for facilities of this type. In the case of an event of default under the Citi Unsecured Facility, CEP may exercise certain remedies, including requiring that the relevant Citi Unsecured Applicant pledge cash collateral in an amount equal to the maximum actual and contingent liability of the issuing bank under the letters of credit and similar instruments issued for such Citi Unsecured Applicant under the Citi Unsecured Facility, and taking certain actions with respect to the collateral pledged by such Citi Unsecured Applicant (including the sale thereof). In addition, CEP may require that the relevant Citi Unsecured Applicant pledge cash collateral if certain minimum ratings are not satisfied. Credit Suisse Letter of Credit Facility On March 22, 2019, RenaissanceRe Europe, the Company and Credit Suisse (Switzerland) Ltd. (“CS”) entered into an amended and restated letter of credit facility agreement (the “CS A&R LC Agreement”). The CS A&R LC Agreement is a $125 million committed, unsecured letter of credit facility pursuant to which CS (or any other fronting bank acting on behalf of CS) may issue letters of credit or similar instruments in multiple currencies for the account of RenaissanceRe Europe. The obligations of RenaissanceRe Europe under the CS A&R LC Agreement are guaranteed by the Company. In the CS A&R LC Agreement, RenaissanceRe Europe and the Company make representations, warranties and covenants that are customary for facilities of this type, and agree to comply with certain informational and other customary undertakings. The CS A&R LC Agreement also contains certain financial covenants applicable to the Company, including the requirement to maintain the ratio of consolidated debt to capital of not more than 0.35:1, to maintain a minimum consolidated net worth initially of approximately $3.0 billion, subject to an annual adjustment, and to maintain the Company’s credit rating with S&P and A.M. Best of at least A-. The CS A&R LC Agreement contains events of default customary for facilities of this type. At any time on or after the occurrence of an event of default, CS may exercise remedies, including canceling the commitment, requiring that RenaissanceRe Europe pledge cash collateral in an amount equal to the maximum liability of the issuing bank under the letters of credit and similar instruments issued under the CS A&R LC Agreement, and demanding that RenaissanceRe Europe procure the release by the beneficiaries of the letters of credit and similar instruments issued under the CS A&R LC Agreement. Renaissance Reinsurance Funds at Lloyd’s Letter of Credit Facility Effective March 7, 2019, the stated amount of the Funds at Lloyd’s letter of credit issued to Renaissance Reinsurance pursuant to the letter of credit facility with Bank of Montreal, CEP and ING Bank N.V., London Branch as lenders, evidenced by a letter of credit reimbursement agreement dated as of November 23, 2015 (the “Renaissance Reinsurance FAL Facility”), was increased from $180.0 million to $255.0 million. TMR Group Entities Letters of Credit In connection with the acquisition of the TMR Group Entities, certain letters of credit were transferred to the Company, as follows: (a) Mizuho Bank, Ltd. issued certain letters of credit for the account of RenaissanceRe Europe pursuant to a Letter of Credit and Reimbursement Agreement, dated as of May 14, 2012, as previously amended, (b) The Bank of Tokyo-Mitsubishi UFJ Ltd., Düsseldorf Branch, issued certain letters of credit for the account of RenaissanceRe Europe pursuant to a Committed Revolving Standby Letter of Credit Agreement, dated as of September 29, 2017, and (c) The Bank of Tokyo-Mitsubishi UFJ, Ltd. issued certain letters of credit for the account of RenaissanceRe UK pursuant to a Facility Letter, dated as of December 21, 2006. The parties have agreed that no new letters of credit will be issued under these facilities.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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